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Certification to issue and process Visa and MasterCard in
Ghana in the offing
Accra, April 8, Ghanadot/GNA – Visa and
MasterCard could soon be issued locally, following the
decision of Transaction Solutions (TranSol) Ghana Limited,
an Information Technology solution firm, to apply for
certification for a third party processing status.
Currently, three banks in Ghana process their Visa
transactions in Egypt. When the application is approved,
local banks which use such cards can have them issued by
Transol.
Speaking at the Facts behind the Figures Programme on the
Ghana Stock Exchange, Mr Paul Jacquaye, Board Chairman of
Transol, said the company was looking critically at the
opportunities that processing transactions for issuers
locally would provide to its growth agenda.
He told brokers and journalists that future growth prospects
were bright because of the envisaged expansion in both the
telecommunication and banking sectors.
The company, therefore, needs to raise additional capital to
roll out future programmes. However, the directors are yet
to settle on a particular financing option.
“We are exploring various options of raising our capital. It
could either be through a right issue, bonds or possibly
through mergers and acquisitions,” he said, adding, however,
that management would seek shareholders’ approval for any
decision taken.
Last year saw a sharp dip in the company’s net profit to
364,000 Ghana cedis, representing 102.9 per cent fall from
739,000 Ghana Cedis over the same period in 2006.
However, Mr Jacquaye was optimistic that the company could
turn around the unimpressive financial performance by
exploiting the expansion in the telecom and banking sectors
to grow its business.
This will be done through diluting reliance on revenue from
MTN electronic vouchers while exploiting deals with other
mobile network operators as well as forge strategic
alliances with banks, Shell Oil Company and distributors of
electronic vouchers for market penetration.
Mr Jacquaye said the company would launch an internet
voucher distribution system and deploy more Automated Teller
Machines (ATMs) in partnership with other banks.
Transol in partnership with Ecobank operates the Ezi Cash
ATMs.
Mr Jacquaye said the company aimed to deploy and outsource
more ATMs through partnership with other banks, including
rural banks. ATMs will also be located in some major hotels
as well as regional capitals to enable customers to have
easy access to cash.
He said the company was also poised to take advantage of the
E-zwich initiative by the Ghana Interbank Payment and
Settlement System to connect to the National Switch.
Transol is the first company to introduce electronic voucher
recharge and independent ATM.
GNA
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