Mediterranean Smart Cards Company (MSCC), an outsourcing payment processor, has announced plans to upgrade its presence in West Africa.
MSCC, a subsidiary of the Emerging Markets Payments Group (EMPH), is planning to build a payment network, headquartered in its Lagos office, to better serve a client base of 50 banks across West African.
The move reinforces EMP Group foothold in the region where it also owns EMP Middle East and ACET Processing in South Africa.
“The governments of African nations, particularly Nigeria and Ghana, are focused on transitioning from cash-oriented to cashless economies” said MSCC’s CEO Hoda Shoukry.
Paul Edwards, Executive Chairman of the EMP Group is predicting a significant upsurge in the electronic payment industry across the continent.
“Today less than 20% of Africans have a bank account but this is expected to exceed 50% within 5 to 10 years.
“In Nigeria the Cashless Lagos programme, initiated by the Central Bank, has seen over 4,000 POS machines deployed in the past year together with a significant number of ATM machines.” Edwards said.
The new Lagos centre will be a key factor to providing the infrastructure and electronic banking in the region, Edwards remarked.