Dublin-based firm Cardbase Technologies, which develops advanced smartcard technology, is investing millions of pounds in Africa to develop a new market for its software products.
Cardbase Technologies, which recently raised €7 million (£5.51 million) from a group of investors including Mr Denis O'Brien, will today open an office in Nigeria and announce plans to expand into Kenya, Malawi and Ghana.
The establishment of Cardbase Technologies (Africa) follows the successful implementation of a national smartcard electronic payment system, branded ValuCard, for a consortium of 26 banks in Nigeria.
Its smartcard technology incorporates an intelligent chip that can be integrated with various devices to enable customers to conduct multiple "cashless" transactions.
The use of a smartcard reduces the danger of theft and, unlike credit cards, does not require a well-developed telecommunications infrastructure for verification, according to Mr Aonghus Geraghty, chief executive of Cardbase.
"A customer can top up his or her smartcard at an ATM or in the bank and then can use it at many retail outlets to buy goods," he added.
The new office will support the ValuCard scheme and develop the growing business opportunities in the region. About 25 staff will work in Nigeria with Cardbase, which is investing some $2 million (€2.3 million) in the country.
The company has flown two groups of Nigerian staff to the Republic for training and expects to hire more staff in Africa as it expands.
Cardbase Technologies has appointed Mr Chuks Onyebuchi as managing director of its African office. He holds a BSc degree in Computer Science and an MBA in marketing. He previously worked as executive director of Union Systems Limited. "The opening of this modern office facility will provide local support for our customers in the region. Since Africa operates a predominantly cash-based economy, Cardbase has the opportunity to develop and deliver similar national payment schemes in the region," said Mr Onyebuchi.
As well as its presence in Africa, Cardbase is marketing its smartcard solutions in the US and Europe. Asia is the group's next regional expansion, said Mr Geraghty.
