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The Voice for Banking and Finance in Africa

July / August 2013 ÂŁ3.99

Disruptive Technologies: Advances that Changed the World of Financial Services EMV Migration: What Challenges Smaller Regional Banks Face What challenges do the regional banks have to brace themselves against?

Is there a case for CDMA in Africa?

In the last five years, Code Division Multiple Access (CDMA) has been struggling to get a foothold in Africa.

Payment Cards and Economic Growth: The Impact of Electronic Payments Moody’s Analytics presents the impact of electronic payments in economic growth

Think ICT? Think CWG

CWL Systems DCC Networks ExpertEdge Software

LAGOS ABUJA PORT-HARCOURT ACCRA KAMPALA DOUALA 5th Floor Octagon Building, 13, A.J. Marinho Drive, Victoria Island, Lagos, Nigeria. Tel. +234-1-7333444, 2809800 Fax: +234-1-2705583 E-mail: Website:


Welcome to Technology Banker - Informing, Influencing and Insipiring Business Forty-six years ago, in 1967, John ShepherdBarron, from England, came up with an idea of a simple machine that dispense cash, much like a chocolate bar vending machine. He took his idea to Barclays Bank, which quickly commissioned it. The ATM was born. Fast forward today and ATMs do not only dispense cash, they also accept deposits and bill payments, top up airtime and book tickets. They now use plastic, with chip embedded with the users’ personal data, instead of cheques, embedded with radioactive element Carbon 14. It is truly the ultimate selfservice bank branch. Like any great innovation, ATM has its downfall. In the ‘80s and early ‘90s, card fraud became rife hitting credit cards, as well as debit cards. ATM cards were easy to forged, enabling criminals to steal money from customers’ bank accounts. To address the problem, the three leading credit card companies, Europay, MasterCard and Visa, formed an alliance to create a technology that will make card fraud more difficult. EMV chip technology was born. On page 14 of this issue, EMV experts, Nigel Beatty and Patrick Regester from Aconite, explains the history and importance of chip technology. Nearly 60% of banks in Africa are already EMV compliant, but there is still work to be done to ensure that all financial institutions that issue cards are compliant before the October 2015 liability shift date. On page 22, SCIL-EMV tells us the challenges that smaller banks have to cope with when planning their EMV migration.

Contact Details: Publisher - Stefan Grossetti Editor - Hope Varnes Deputy Editor - John Bennett Sales & Marketing - Jenny Howard Managing Editor - Remi Akinjomo Head of Operations - Monika Derfinakova Technology Banker Website Technology Banker is a registered trademark of Technology Banker Group. All rights relating to the content of the publication are reserved to the rightful owners.

Technology Banker Offices: Head Office: Ground Floor, Breakspear Park, Breakspear Way, Hemel Hempstead, Hertfordshire, HP2 4TZ, United Kingdom Tel: +44 (0) 1442 345 379 Fax: +44 (0) 1442 345 001 Registered Office: 10th Floor, 88 Wood Street, London EC2V 7RS

On a different note, on page 10, we identify the technologies that we think changed the face of the financial service sector in the last decade. If you feel that there is something we missed, please feel free to e-mail Hope Varnes, Editor

The contents of this publication are subject to copyright protection and reproduction in whole or part, whether mechanical or electronic is expressly forbidden without prior written consent of the editor. Views expressed in the publication do not necessarily reflect those of the editor or publisher. We welcome contributions, however, publishing it, is at the discretion of the editor. We also take no responsibility in the return of materials. Whilst every care is taken to ensure accuracy, we cannot be held liable for any inaccuracies. All rights reserved. ©Technology Banker 2013 ISSN 2051-9435 | 3




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Banking News Security News Telecommunications News

FEATURE Is there a case for CDMA in Africa? We examine why CDMA is struggling to get a foothold in Africa


5 12 20 26

ATM and Mobile: Technologies Made for Each Other Is there a case for CDMA in Africa? Mozambique: A look at its ICT landscape ATM Security: The Financial Cost of ATM Bombings in South Africa

EXECUTIVE INTERVIEW Disruptive Technologies: Advances that Changed the World of Financial Services Technologies that change the face of the financial industry.


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EMV Global Standard: Explained EMV Migration: What Challenges Smaller Regional Banks Face


Egypt’s Mobile Payment Gateway Launched

INFOGRAPHIC EMV Migration: What Challenges Smaller Regional Banks Face SCIL-EMV Academy explains the EMV migration challenges faced


The Future of ATM Infographic

by smaller banks



ATM Security: The Financial Cost of ATM Bombings in South Africa Is the solution to ATM bombings in South Africa finally here?

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Payment Cards and Economic Growth: The Impact of Electronic Payments


Events for your Diary


Vendors Directory


ATM and Mobile: Technologies Made for Each Other With the rapid proliferation of mobile banking and mobile payment, some may wonder if there is still a need for a simple cash-dispensing machine. Will ATM be obsolete soon?

By Aisha Benson Not likely. Cash will forever remain king. Debit cards, credit cards and mobile payments may be convenient but they don’t give the same satisfaction as handling real money. Cash will always be the only form of payment that is accepted anywhere and by anyone. You can’t

pay your cleaner with a debit card, nor can you use your mobile phone or debit card to buy freshly caught fish from the fisherman who just came ashore. That’s why despite the explosion of mobile devices, ATM will remain an important fixture in the banking industry.

... when at midnight you need cash to get a taxi, you can’t go and get money from a mobile money agent, but you can on an ATM

The ATM advantage ATM is the nearest alternative to a bank that provides 24-hours access to hard cash. In addition, ATM is not just all about dispensing cash. It can perform most functions that a bank branch can. Customers can use ATM to deposit money, pay for their bills and top up their airtime.

Moreover, ATM does not have the same connectivity problems that plague mobile phones. Although, most people carry their mobile phone with them everywhere, signals are still not as reliable, particularly in regions like Africa. Not only that, but mobile phones are also reliant on their batteries. If customers forget to charge their phones, they’ll not be able to use it at all, a problem that they would not encounter with ATM. ATM and Mobile phones In today’s mobile-digital world, ATM and mobile devices are not in competition. In fact, they can | 5

complement each other. The convergence between ATM and mobile payments offers the financial services the opportunity to provide seamless customers’ experience while reducing their business operating costs. Mobile phones can lead the way towards cardless ATM. As mentioned by Mansour Karimzadeh, co-founder of SCIL-EMVAcademy, producing EMV compliant card is expensive. An EMV compliant contact only chip card can cost around $1. So, if a bank has one million customers, it needs to invest $1 million just on plastic. Therefore, it makes business sense to develop cardless ATM and enabling customers to withdraw cash from ATMs using apps in their mobile phones. NCR Inc, a giant in the ATM industry, has already started the

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ball rolling for cardless ATM. It has created a software that allows bank customers to use a mobile phone app to withdraw cash. The app is linked to the customers’ bank account. If customers want to withdraw money, they enter their password in their mobile device to initiate the transaction. A QR code is then displayed on the ATM screen, they scan it with their smartphone and the ATM dispenses the money. The process takes around 10 seconds, and the customers get an e-mailed receipt, thus doing away with the cost of printing paper receipts. Wincor Nixdorf and Diebold have also launched similar applications with some variations. ATM, Mobile Phones and the Unbanked Not all unbanked are unbanked by necessity; some are by choice. But whether by necessity or by choice,

ATM with the help of mobile phones can serve the unbanked. Mobile phones, particularly in Africa, are virtual banks for the unbanked. Linking the ATM with customers mobile accounts, the unbanked populations can have access to financial services without the need for a traditional bank. ATMs can offer mobile money customers 24-hours access to their cash stored in their account. The combination of ATM and mobile phone also offers a potential alternative for online wallets, such as PayPal, to enable their customers to withdraw cash from their PayPal accounts.


Barclays Kenya launches new mobile banking app Barclays Bank of Kenya has launched its newest mobile banking app that works in parallel to its online banking platform with full services. All Barclays Bank Kenya customers will be able to use the mobile app after they register on the bank’s internet banking platform. The new mobile app features include balance inquiry, history of recent transactions, bills payment as well as account transfers. It also provides access to various services like credit card and loans.

CRDB launches agency banking CRDB Bank, one of the largest banks in Tanzania, has launched agency-banking service to expand its banking services to the unbanked population. Tanzania, having the highest population within the East African Community is noted to have the greatest number of unbanked population. That’s partly due to the inaccessibility of formal banking. However, setting up physical bank branches across the country takes a lot of years and costs of investments. To overcome the challenge, CRDB has set up agency banking that includes commercial banks and third party individuals to carry out banking services. CRDB has appointed Tanzania Posts Corporation (TPC) as the first agency to deliver bank services across the country, including cash deposits and withdrawals, loan repayments, fund transfers and utility bills payment within the CRDB bank system.

Standard Chartered introduces ‘Breeze’ Global financial institution, Standard Chartered Bank in Nigeria has introduced a new digital banking application to improve its customers banking experience. Breeze, the bank’s new mobile banking application is designed to provide its customers with convenience and a more personalised feel when banking. The application will be further developed to work as a virtual branch for the bank to let customers access various products and services through their mobile. Standard Chartered Bank has successfully introduced the digital banking application in Malaysia, Singapore, India, Dubai, Hong Kong, Korea, China and Pakistan.

KCB encourages Ugandans to save The Kenya Commercial Bank (KCB), one of the premier financial institutions in Kenya has introduced a deposit promotion dubbed as ‘Big Wig.’ According to the Managing Director of KCB Uganda, Albert Odong, the Big Wig promotion aims to encourage Ugandans to save by offering higher returns on their savings. Big Wig is made up of three offerings: KCB Simba Savings, KCB Community Account and KCB Current Account Saving. The promo is running for three months, and is open to both existing and new customers. Customers are only required to keep a minimum deposit of Ush300,000 per week in their accounts. | 7


New ATM heist uncovered Federal authorities uncovered another ATM cash robbery. The authorities have already arrested four people connected to the case, which also involved money transfers to offshore accounts and identity theft. Experts are advising bankcards issuers and ATM operators to take more in depth security measures in order to protect their customers from these types of crime. The alleged suspects of the latest cash withdrawal scheme were identified to be linked to an international cybercrime group who are responsible for the $45 million global ATM robbery discovered earlier this year.

Social Networking sites most common sources of threats International security solutions provider, Kaspersky Lab has commissioned B2B International to conduct a research on Parental Control modules utilisation at home. Kaspersky’s analysis reported that the most potentially dangerous source of security threat for children is social networking sites, while casual online games ranks the least of potentially dangerous platform where children are exposed. According to the Web Content Analysts Group Manager at Kaspersky Lab, Konstantin Ignatyev, Kaspersky Lab follows the principle of ‘prevention is always better than cure’. Parental Control technology will prevent future threats despite children’s vulnerability.

Phishing attacks rapidly increasing According to a Kaspersky Lab’s survey, phishing attacks have gone up to around 37.3 million in the last 12 months, from 19.9 million recorded previously. It also revealed that Facebook, Yahoo, Google and Amazon are the most popular targets. According to the research conducted by Kaspersky Lab, countries with the most number of attacked users are USA, Russia, India, UK and Vietnam. Phishing attacks no longer multiply through emails, cybercriminals have already penetrated into servers and websites hosted in the same countries where attacks are prominent.

Global Micro and Vaultive join forces Global Micro, an expert on cloud services, has joined forces with Vaultive, a cloud security company that uses cutting-edge solutions, to guarantee that cloud data held by organisations in South Africa are secure and compliant. The service includes the application of Protection of Personal Information (POPI) Bill, which aims to strengthen the security, privacy as well as take care of all legal and regulatory compliance for the organisation. According to the Managing Director and Chief Cloud Architect at Global Micro, JJ Milner, Global Micro’s alliance with Vaultive will guarantee an effective cloud migration and implementation as well as provide full control over their data in the cloud.

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Safaricom launches Lipa Na M-Pesa Safaricom, the leading mobile service provider in Kenya, has introduced a new financial service to enable customers to maximise the use of their mobile money services without paying any additional transaction charges. Establishments who wish to join Lipa Na M-Pesa must register their businesses with Safaricom to get a till number in order for them to offer the service. Lipa Na M-Pesa is not the first of its kind in the Kenya, but it has a great advantage over other services due to Safaricom’s huge customer base. This new service does not charge anything for each transaction. Charges will be directed to each registered business, which pays 1.5% of the transaction value.

Airtel to keep unlimited internet offer The international mobile service provider, Airtel decided to keep its unlimited internet offer to reach a wide network of data users instead of depending on the unstable position of voice services in the market. After a careful consideration, Airtel pulls out its plans of terminating its unlimited Internet service offering. Instead, it announced various unlimited plans to support the growing rate to data users in Kenya.

Lonestar Cell MTN introduces mobile money The leading telecom service provider in Liberia, Lonestar Cell MTN in partnership with Guaranty Bank of Liberia Ltd, has introduced its mobile money service that caters to all citizens in both urban and rural areas of the country. The new mobile money service aims to reach out to the unbanked population in the country, as well as to support the financial inclusion strategy of the Central Bank of Liberia (CBL), through the increasing mobile phone users. According to Lonestar Cell MTN, the provision of a very useful service such as mobile money will help the country’s economy. It offers a cashless environment using a safe and secure platform.

Globacom introduces Glo-Mpaper, mobile newspaper service Globacom, a Nigerian multinational telecommunications company unveiled its new mobile service, Glo-Mpaper. Glo-Mpaper is a mobile newspaper service that will provide Glo’s subscribers with updates on the latest news and current event from around the territory, through their mobile using SMS or WAP (Wireless Application Protocol). The service costs subscribers N50 per week. Both, post-paid and pre-paid Globacom customers can subscribe to the service. | 9


Disruptive Technologies: Advances that Changed the World of Financial Services The technology world is busy designing and creating the next big thing. So much so that it is quite difficult to sort through the fad from those that really matters. Here we have a go at identifying technologies that changed the face of the financial service industry in the last decade. Our goal here is not to predict the future but rather, to look back on what has been

By Andrew Thompson The term ‘disruptive technology’ is not new. It was coined by Harvard professor, Clayton M. Christensen, sometime in the mid 90’s. Simply put, disruptive technologies are innovations that interrupt an existing market in unexpected manners, normally by making services and products affordable, or by engaging unexpected consumers. Disruptive technology doesn’t need to be a new invention, nor does it have to be a better product. It just has to make a significant impact that it can’t be ignored. It is difficult to single out one, two or even ten technologies that have

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changed the financial world. But as we have limited space, we decided to focus on three disruptive technologies that significantly impacted the financial services sector, particularly in Africa. When choosing, we focused on the broad impact and economic value it brought about in the industry as well as the consumers. Mobile Money Nothing could be more disruptive to the traditional banking industry in Africa than mobile money. Mobile money has shaken the position of traditional banks and lending institutions in Africa, and turned mobile network operators into

mobile financial companies. Its social and economic impact in the continent has been well documented. It has, with no doubt, improved financial inclusion in the continent. Africans now have access in some sort of formal financial service, where they had none before. In Uganda, Kenya, Tanzania and Madagascar, there are more mobile money accounts than bank accounts. And there are more money agents in the continent that there are bank branches. Furthermore, a large proportion of the GDP in these four countries move through mobile money platform. According to the ‘Global

Mobile Money Adoption’ report published by GSMA, in June 2012, over 30 million people globally made around 224.2 million mobile money transactions, amounting to around $4.6 billion. This exceeds PayPal’s 196.3 million average transactions for the same period. Cloud Technology Cloud technology delivers core banking application or services to financial institutions through the Internet or network, with minimum or without the need for local software and processing power.

capacity as and when needed. As a result, smaller regional banks and microfinance institutions are able to update their banking software to meet advancing financial standards without the need to invest on expensive infrastructure. This makes regional banks and MFIs more flexible and competitive.

With cloud technology, banks don’t have to spend capital expenses on servers or data centres, allowing them to use their funds for variable expenses. More significantly, they only pay for what they use.

One of the best examples of cloud technology in the finance industry is the Micro-Banking Software as Service (SaaS), such as the MTN Xaas. The software has all the core banking modules needed to run a bank without investing in expensive system infrastructure and IT department. This enables small and medium size finance institutions to have access to new banking technology without tying down their capital on expensive IT system.

Cloud technology is also flexible. Banks can reduce or increase their

And since they don’t have to maintain an expensive IT department, they also have less

operational costs, enabling them to compete effectively against bigger banks. Big Data When we use the term ‘big data,’ we are not talking about the mammoth of data that financial institutions are able to gather from their customers. We refer to the technology, which includes tools that banks can use to process, analyse and interpret the large amount of data they have about their customers. With big data, banks know what their customers did, when and where. These insights allow banks to make decide better, act faster, innovate more making them more competitive in the global market. | 11


Is there a case for CDMA in Africa? In the last five years, Code Division Multiple Access (CDMA) has been struggling to get a foothold in Africa. So far, mobile network operators using CDMA such as Starcomms, Visafone, Multi-Links and now inactive Zoom Mobile have been living in the shadows of GSM operators By Grey Thomas In fact, in Nigeria where CDMA was the only mobile technology before 2001, CDMA operators are going through a sustained decline. According to the data provided by the NCC, during the period between January 2012 and August 2012, GSM subscribers have gone up by 10.4 million, from 91 million to 101.4 million, while CDMA subscribers declined by 1.1 million for the same period. With the popularity of GSM and the entrance of 4G LTE in the continent, is there really a case to pursue further deployment of CDMA in Africa?

Why GSM is walking all over CDMA? When it comes to delivery of data service, CDMA is unbeatable, so why do many African MNOs have adopted GSM instead. And why is it more popular? Flexibility CDMA offers limited mobility particularly to mobile subscribers. Unlike CDMA, GSM technology makes it easy for subscribers to move their SIM cards between phones. Additionally, since GSM came from an industry group, carriers don’t have total control over the phone that the subscribers use. To be a GSM operator, carriers have

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to accept any phones that are GSMcompliant. CDMA operators, on the other hand, can control the phones that subscribers can use, and can hold their customers to ransom. It will be possible for a CDMA operator to reject phones that is not in its network. However, since that put off customers, mobile network operators tend not to do that. Coverage CDMA is mostly popular in North America and some part of Asia, while GSM covers most places. Most importantly, GSM networks have roaming contracts with other GSM networks globally, particularly Europe, where Africa has got strong ties. Cost Finally, cost. As CDMA is owned by a private chipmaker, Qualcomm,

there is less competition to build CDMA equipment, making it more expensive than GSM equipment. Additionally, CDMA equipment is more expensive to install than GSM, as there are more technology involved. CDMA handsets are also more expensive than GSM. To make CDMA handsets more affordable to African consumers, mobile network operators have to subsidise it heavily, which will of course erode their profit margin. In the current market, it would be a bad business decision to invest on an expensive technology, particularly when there is an existing one that already serves the market adequately. And with 4G, any advantages that CDMA have over GSM will become less important.

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EMV Global Standard: Explained EMV is the global standard for card payments based on chip technology. EMV is rolling out across the globe, with Europe and Asia mostly converted with USA now starting a migration programme. In Africa, there have been early adopters, but EMV is now coming to all countries with a card payments infrastructure and not being EMV compliant could be costly in future. Aconite’s EVP Sales & Marketing, Patrick Regester and Regional Vice President and Senior Consultant, Nigel Beatty, explain to Technology Banker why EMV is important

other card issuers such as transit operators and ID providers. Our key markets are Europe, Middle East, Africa, North America and China.

Chip technology on bankcards has been around in Europe for a long time. UK and France were the first countries to adopt chip cards for payments. Of course, the first chip cards were simple, but chip technology has moved on and if there is a chip on a card, you can now add other applications, providing there’s enough space. So, in addition to payments, the card can be used for other purposes, such as identification, transit and loyalty. Our role is to ensure that chip technologies and smart payments work for our customers.

Nigel: As an example, we recently won a large contract in Nigeria. We are working with the Nigerian National Identity Management Commission, which will be managing around 145 million ID and payment cards using our technology.

Regional Vice President and Senior Consultant, Nigel Beatty


Before you tell us about EMV, can you first tell us about Aconite?


Patrick: Aconite is a UK-based company, which has been around for more than 12 years. Our key people had extensive backgrounds with card-issuing banks, processors or card schemes. We started life by providing consulting services to banks and merchants that were adopting chip technologies, but have since concentrated on enterprise software for card issuer banks and third-party processors and

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What is EMV?


Nigel: EMV is a set of standards defined by Europay, MasterCard and Visa; back in the 1980s, hence the acronym EMV. But the ‘E’ in EMV does not exist anymore. Europay used to be MasterCard’s licensee in Europe but it merged with MasterCard International to form MasterCard Inc., now known as MasterCard Worldwide. The EMV standards are now controlled by a not-for-profit-company called

card. The card schemes were quite farsighted when they started defining the standards. They built in features that would allow, for example, transactions to take place without contacting the card issuer’s host system for authorisation. Within the application that runs in the chip there are risk management features that control how the card behaves.

Aconite’s EVP Sales & Marketing, Patrick Regester

On a card with chip technology there is a small computer running a program that has information about the transaction. It can make decisions about what happens during that transaction and control the outcome – approve, decline or force online to the issuer. The chip itself can also verify a PIN that is entered at POS – so-called Chip and PIN cards, as used in Europe. This is the basis of EMV.

When an EMV card issued by a bank is used in an EMV terminal, it goes through set procedures. If the card or terminal decide that it is necessary to contact the bank for the transaction to be authorised, the bank’s back-office systems need to include software that is able to process the information coming from the chip to verify that it is a genuine card and that the transaction information has not been corrupted or modified. There are cryptographic processes using secret keys that allow the bank to check that the transaction and the card are good.

Aconite’s role in this is to supply EMV software to the banks to allow them to process EMV transactions coming from the cards that they have issued. That’s one side of our business; the other is to supply software that actually creates the data that goes into those chip applications when the cards are issued. And leading on from that, manage multiple applications on those chips and looking after the lifecycle of the cards or, in future, mobile phones or other chip-enabled devices.

EMVCo, which is jointly owned by MasterCard, Visa, American Express, JCB and China Union Pay (which just recently join the group). These big five maintain the standards, but individual card schemes are free to implement EMV with their own extensions and variations, as long as they comply with the overall standards to ensure seamless operation between cards and terminals.

EMV defines standards in four main areas: •• The application that runs in the chip on the card •• The processes in the Point of Sale (POS) terminal, the ATM or any other acceptance device •• The security that underlies EMV •• The transaction procedure, so that there is a consistent experience for cardholders when they perform EMV transactions.


Why is EMV important?


Nigel: There are a number of reasons why the card schemes wanted to move to EMV chip-based standards, but the main driver was card fraud around the world. In the 1980s, particularly in the UK and also in Far Eastern countries like Malaysia, there was a spiralling amount of fraud.

Chip technology was seen as a way of counteracting fraud, particularly in the form of counterfeit and lost and stolen cards. With a chip in the card, it is very difficult for a fraudster to produce a copy of that

Patrick: It’s a substantial investment for a bank to issue chip cards to their customers. They have to buy the chip on the card with the necessary operating system and applications. They have to personalise it – create and write all the application settings and security information needed by EMV into the chip and then deliver it to the customer. That’s an expensive business. By the time the card is issued, it has probably cost the bank up to US$50. If we increase the utility of that card by upgrading and adding applications on the card to keep it | 15

useful and relevant, then that’s good for the issuer and for the customer. That’s what we do with our card life cycle management solutions.

Fraud will always manifest itself. Without EMV, fraud will increase in that particular country. All countries in Africa now have an incentive to issue EMV cards to minimise the risk of fraud crossing borders from countries that have gone to EMV. And when banks are looking for solutions, Aconite is there to help them.


working in cooperation with the banks’ existing processes.

Patrick: Banks want to make sure that the cards they issue stay ‘top of wallet’. They want their card to be the one that customers use most often. Say a customer was late with his account payment a couple of months ago but he now wants to make a purchase that is slightly above his credit limit.

Conventional risk management would most likely block that transaction, but that risks damaging the customer’s relationship with the bank, leading to the loss of potential future revenue – the customer may decide to use a competitor’s card in the future. With EMV risk management controlling the outcome of offline transactions, a card’s behaviour can be modified in response to the customer’s changing risk profile. In this example, the customer’s card could be updated to force all their transactions online until their risk profile returns to normal. The bank has complete control over their spending and the customer is happy that they are able to go on using their card.

When you talk about ‘software packages’, are these tailored to the needs of the banks or are there standard packages that all banks can buy?


Nigel: There are certain basic functions that all banks need in order to issue EMV cards, and our software products implement those standard features. But we include additional features built into our software that differentiate it from other vendors’ products. Many banks run large systems supplied by third party vendors to handle authorisation and card management. Our approach is to supply add-on or plug-in solutions that our customers implement alongside existing systems to give them full EMV capability without having to re-invest and upgrade to a brand new system, which of course is very disruptive, expensive and risky.


What progress are banks in Africa making towards EMV compliance?


Patrick: Banks in the early-adopter countries such as South Africa and Nigeria are making good progress. In countries that include Kenya and Ghana there are migration programmes under way. Other countries may have mandates from their central banks or may be facing the liability shift from the card schemes, where the party that has not implemented EMV becomes liable for fraud that EMV would have prevented. But card issuers everywhere should now be looking very seriously at putting EMV programmes in place to protect themselves against cross-border fraud.


In terms of customer experience, what differentiates you from other EMV solution suppliers?


Nigel: We are unique because our solution allows banks to keep their existing systems in which they have usually built up a lot of investment over the years in customisations and integration with their business operations. We allow them to keep what they have and to add EMV capability with minimal change to their existing environment. That’s a very attractive proposition to a lot of banks who have substantial investments in their existing systems. Our solution is also feature rich. Instead of providing only the minimum functions necessary to be able to operate with EMV, we offer advanced features as well. We do analysis of the EMV information generated during the transaction, and control the outcome of the transaction based on that analysis,

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Nigeria is a good example of innovative thinking. Its bankcards are mostly EMV compliant, but the government is looking to the future, and will issue smart ID cards to the entire population also containing a Visa or MasterCard EMV payment application. Supporting these initiatives with technology solutions is exactly what Aconite does as we continue to expand our business in Africa.

Technology Banking & Finance Africa Get an in-depth knowledge about African Banking and Technology sector. Check out updates on Technology for banking. Find out the best way to develop relationships with local business in Africa. Learn about new laws, regulations, standards and technical requirements that affect your business in Africa. Read Technology Banker ... The technology resource for banks and finance in Africa.



The Voice for Banking and Finance in Africa

The Future of ATM The word ‘cashless society’ is the latest global buzzword and is hailed as the next big economic revolution. However, a ‘cashless society’ has just about as much chance as a ‘paperless office.’ The concept is like the 60s and 70’s concept of the fashion for year 2000. Well, everyone isn’t wearing clothing made of aluminium foil and spandex. In fact, in 2000 the fashion was ‘boho-chic’ influence by hippies in the ‘70s. Cash will always be king, and ATM will always hold an important place in the financial industry. In this infographic, ATM Marketplace, ATM Industry Association and Magtek present the opportunities and threats facing the ATM market. Indeed, mobile technology poses a threat to ATMs, but cash withdrawals are increasing not declining. It is clear, that ATM has a strong future and is here to stay.


Top three threats facing the ATM industr 1. SECURITY & FRAUD


Source: ATM Future Trends Report 2012, published by

18 | Technology Banker July / August 2013



Cash recycling: 14%

Source: ATM Future Trends Report 2012, published by



Deploying solutions that integrate mobile banking and marketing with the self-service channel 45%

Offering prepaid-card dispense at the ATM or other self-service channel 7%




Reaching out to “digital natives”, those who grew up with digital and mobile technology 16%

FIs, independent deployers and retailers partnering to reach unbanked and underbanked consumers 14% ppbo


Advanced self-service solutions, such as bill payment and check cashing 19% s Future Trend Source: ATM

marketpla lished by ATM b u p , 12 20 rt o


States is d e t i n U e society, th s s e l h s a s Ron c y a a s f o ,” s t n s o i a s c re f this vi o Despite fo n o i t a z i e use l h a t e f r i , t e c h t a f r n ea roup... “I G e t nowhere n i A h t i ears—our lyst w y a n e a v r fi o i y n r e 17% eve Shevlin, s y b e n i l c d States e e d t i n o t U e e r h e t | 19 in h s a c of cash w f o , 5 e 0 us 22


Mozambique: A look at its ICT landscape In the last 10 years, Mozambique has exhibited a steady economic growth averaging between 6% and 8% annually, from 2002 to 2012, one of the strongest growths in the continent By Hope Varnes In fact, early this year, reports revealed, that Mozambique is expected to become one of the ten largest producers of coal, and top twenty producers of natural gas in the world. Already, the country has invested $2.7 billion on mining and hydrocarbon industry. It is estimated that Mozambique’s gas reserves is worth more than $350 billion, giving the country a

20 | Technology Banker July / August 2013

potential $20 billion earnings during the gas field’s lifetime. If managed efficiently, this new opportunity will drive growth in other sectors in the country, particularly the banking and technology sectors. Where does ICT come in? As Mozambique grows, it needs to be able to easily connect to the outside world to enable it to

compete in the global market. ICT will provide Mozambique access to information to the global market that will enable them to get better negotiating power and better pricing. Not only that, but ICT is also a channel that the country can use to take their products and services to the global market. But before the country can exploit the potential of ICT, it needs to have reliable infrastructure and connectivity. And

it needs local experts who can use new technologies to drive the country’s economy forward. Recognising the importance of ICT in the development of the country, Mozambique government has defined a national vision for ICT and created legal framework to regulate the industry. It is also promoting access to IT innovation and research. Mozambique’s ICT achievements so far Mozambique is making headway in ICT, particularly in telecommunication and connectivity. It is now connected to the rest of the world, thanks to SEACOM (African Cable System) and EASSy (Eastern Africa Submarine Cable System). The deployment of SEACOM in 2009 and EASSY in 2010 has brought more internet connection in the country and reduced the cost of internet and data communication. In 2003, Mozambique also liberalised the telecommunication sector and open it to competition. This move also helped reduce the cost of mobile services. By 2012, Mozambique had three mobile operators, Mcel, Vodacom and Movitel. As the largest operator in the country, Mcel, has the most extensive network coverage. As of 2012, it has the most subscribers at 4.5 million. The Mozambique government, in partnership with UNESCO, Eduardo Mondlane University and international donors, also launched a network of multimedia community centres in some remote areas of the country. The multimedia centres provide internet access, photocopying, fax and other communication services for a small fee. Challenges Facing Mozambique’s ICT Sector Although, Mozambique ICT sector is gaining traction, it still has a long way to go before it catches up with more advanced African countries. Its teledensity remains low. At the end is estimated that Mozambique’s gas reserves is worth more than $350 billion, giving the country a potential $20 billion earnings during the gas field’s lifetime

of 2011, there were around 7.8 million mobile subscribers in the country, which brings its mobile penetration rate to 31.7%. This is a very low figure against the average 76.4% mobile penetration in the whole of Africa. Additionally, 70% of mobile subscribers in Mozambique are concentrated in the capital city, Maputo. This is largely due to the fact that mobile signals in the country don’t go beyond urban areas. On paper, the country’s 128 administrative districts have mobile network coverage, but in reality, the coverage only extends within the 5km radius of the town where the district headquarters are located. This means that very few people in remote areas can get a signal;

therefore, many don’t bother owning mobile phones. Furthermore, the country has only one fixed line operator, TDM, which is government owned. According to the Central Intelligence Agency, there are only 88,100 landlines in the country. And, although, mobile services costs have gone down, it is still quite expensive. Voice calls are charged at around 25 cents a minute and mobile internet access costs around $18 a month. It can’t be denied, the challenges facing the ICT sector in Mozambique is vast, but the country is making progress in tackling them. And with the potential big revenues from its rich gas resources, it may just make it. | 21


EMV Migration: What Challenges Smaller Regional Banks Face What challenges do the regional banks have to brace themselves against? Technology Banker catches up with Stewart Chalmers, Co-Founder of SCIL-EMV Academy, and Mansour Karimzedah, EMV Migration Forum Steering Committee in the US, to discuss the issue

By October 2015, the liability shift is set to take effect. Issuers and merchants that are not EMV compliant will have to assume the liability for any fraudulent transactions that they process. In Africa, almost 60% are already compliant, particularly the big banks. But what about the smaller regional banks? Stewart Chalmers, Co-Founder of SCIL-EMV Academy


hat challenges do banks face with EMV migration?


Mansour: The biggest challenge that banks have is the cost. EMV migration is not cheap. When EMV migration first started, each EMV card costs around $5 to $10. So, if a bank has 10 million cards, before they even start, they already have to spend around $15 million just to buy the plastic with the chip in it.

Mansour Karimzedah, EMV Migration Forum Steering Committee

Then they have to buy the system to do data preparation, card management and POS management. So it all adds up. By the time they migrate, it will have cost them hundreds of millions of dollars. Having said all this, the costs have gone down dramatically since EMV chip technology was first introduced. I spoke to a card manufacturer yesterday and for a

22 | Technology Banker July / August 2013

contact only card it’s around $1 a card. It can go up depending on the amount of memory and processor you want in the card. If you go for a contact and contactless card, you’re talking about $1.60. So the cost has gone down, but it is still expensive. Stewart: Another challenge is the scarcity of talents. In terms of talent, issuers and processors, have different needs. For example, on Friday we will be doing an hour webinar for an ISO Agent and merchant to train them to process an EMV transaction. They don’t need to understand the whole EMV process. So the training they need is very basic, but we still need to go out teach merchants who have not done it before and show them how to accept EMV cards. Mansour: When you move on to issuers and acquirers, the training is more technical. The issuer needs to decide on the security platform, they need to use a special type of digital keys, have to manage the keys. They need to issue the private and public keys. There is a lot of management work for them. And if there is an issue the card, they need to understand how it works so they can provide the support that their customer needs.


hat issuers need to consider when implementing

...without understanding the technology and the process, the banks will end up in the mercy of vendors


Mansour: They have to consider their business case and system needs. First, the need to decide the product they want to issue. They have to decide whether they want it to have multiple applications. Will it be a debit card, a credit card or both? And of course, they have to plan their marketing. On the system side, they have to understand the changes they need to upgrade their system to handle the product they chose. They have to know any additional components. They also need to decide whether to buy the process or outsource it. For smaller banks, it is easier and cheaper to outsource some of the processes such as card production, data processing and transaction processing. Transaction processors stand in for the issuers. They do all the encrypting and process necessary. Processors send the issuer a simple transaction, the issuer approves the transaction and send it back to the processor, which will then create the response to the customer. But all these start with training and education. Without understanding the technology and the process, the banks will end up in the mercy of vendors.


hat’s the main problem of small banks when it comes to EMV migration?


Stewart: Simply put, they don’t know what EMV is. For example, the EMV manager who attended our training said that his level of understanding of EMV is based on the four modules he received from our workshop. Understanding of EMV is critical for all banks, as it will help them plan a technical roadmap to put EMV in place in their institutions.


hy do you think there is a lack of necessary knowledge on EMV technology in smaller banks?


Stewart: I think it’s very simple. For a long time, they had been using magnetic stripe and they have never been forced to change. They’ve invested huge amount on their IT system and the longer they can use their existing system the bigger returns they can get from it. So, they didn’t see the need to learn more about the technology, particularly if they can’t see it as a viable business. But now that everyone has to do it, then it becomes viable,

and now they feel justified to invest on the knowledge. So, I think, it comes down to the money.


o where does SCIL-EMV Academy come into all this?


Stewart: Our business was set up in 2011 to help facilitate the EMV migration in the US. But we also want to reach out to other countries that are still in the process of migration and even beyond EMV going towards mobile contactless payment and other emerging payment technologies. We saw the US as an enormous undertaking and anticipated that there would be a scarcity of talents, particularly in understanding the technology. We felt, that there was a gap for an independent training organisation. So, Mansour, myself and two others founded EMV Academy. Later, we merged with our training partner SCIL, which has been in the EMV business from the start. From then on forwards, we have been working and training people in the US. It was difficult to break into the market at first, as banks didn’t have the urgency to migrate. However, once Visa, MasterCard, Amex and Discover put the stake on the ground and said, ‘be EMV compliant or shoulder the fraud liability,’ we gained momentum. Now we offer two sets of training options, public and private. We’ve done a number of private workshops for large US and overseas banks. Individuals on the other hand can access our public workshops on our website.


an smaller regional African banks benefit from your workshops?


Stewart: They definitely would, but it would be expensive for one bank to do it alone. Instead, it would be more cost effective for them to pull their resources together and take the workshop as a group. In fact, we are running a workshop in the UK and we have participants from Africa, who are willing to fly to the UK to attend the workshop. | 23

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Egypt’s Mobile Payment Gateway Launched By African Press Organization

MasterCard, National Bank of Egypt (NBE) and Etisalat announced on Tuesday, 25 June, the launch of the mobile payment wallet in Egypt. The new service allows Etisalat Egypt’s their mobile phones to send money and pay for services. The new program is an early implementation of the Mobile Payment Solution that MasterCard and Egyptian Banks Company (EBC) introduced to the country’s 94 million mobile users. It also represents the world’s first interoperable Arabic mobile money program. “Flous”, meaning money in Arabic, uses the Etisalat mobile network and can be set up on any mobile phone. The first phase of the program lets subscribers transfer money to anyone involved in the service using their mobile phones. They can also load cash on their phones or withdraw cash from over 100 Etisalat branches and 305 NBE branches across Egypt.

(R-L): Michael Miebach, President, Middle East and Africa, MasterCard; Eng. Saeed El Hamli, CEO, Etisalat Egypt; Eng. Atef Helmy, Minister of Communications and Information Technology; Amr Badawy, President of the National Telecom Regulatory Authority (NTRA); Tarek Raouf, Chairman, Egyptian Banks Company; Sherif Elwy, Vice Chairman, National Bank of Egypt

The second phase of the program lets subscribers pay their bills through their mobile phones, top up their prepaid mobile phones, and pay for goods and services at various merchants in Egypt. It users can also use it to pay online buys.

Director said, “We chose MasterCard as a partner on this mobile money program to benefit from their global experience as they have successfully completed more than 30 such programs around the world. With the Central Bank and the Government, it is our goal to bring financial services to the fingertips of every Egyptian. This collaborative initiative will allow us to achieve that.”

Commenting on launch, Mohamed Kamel Bayoumi, EBC Managing

In his statement issued to the press, NBE Vice Chairman Sherif Elwy said,

“NBE has been working with our partners for many years to ensure that Egyptians have access to the latest and most advanced payment methods. MasterCard President for Middle East and Africa, Michael Miebach, congratulated both Etisalat and NBE for being the first companies in Egypt to introduce mobile banking. He said, that the service has been in cooperation with EBC and in accordance with the Central Bank’s mobile payment regulations. | 25


ATM Security: The Financial Cost of ATM Bombings in South Africa Around 2a.m. on 1st May 2013, two loud explosions hit two Absa ATMs at Lebone Street in Tlhabane, South Africa’s North West province. Ten attackers were reported fleeing the scene and were expected to have ran away with a considerable amount of money, as the machines were reloaded twice just that afternoon before the incident

By Lin De Ville This is not a one-off incident in South Africa. In fact, it is quite familiar in the country. On the 24th May, residents in Lyttelton, Centurion were rudely awakened when attackers bomb another ABSA ATM. A suspect, who was believed to be a member of the police force, was arrested. Three more ATMs were bombed in Witbank on 19th June. And the latest ATM bombing happened last 21st June in Soweto, right across Dobsonville Stadium. So far, no one has been arrested for the latest bombing. ATM bombing is a major headache for African banks, particularly in

26 | Technology Banker July / August 2013

South Africa. In the latest official figure published by South African police, 261 ATMs were blown up in the country between April 2011 and March 2012, down by 35% compared to 2010/2011 statistics. However, although statistics is down, ATM bombing is still common. During the period between January and July 2012, on average, one ATM was bomb weekly. And there is no indication that attacks are likely to cease.

money that the attackers steal, there is also the cost of replacing the damaged machine. To replace a bombed ATM will cost the banks around between ZAR150,000 ($14,659) and ZAR300,000 ($29,322) depending on the machine’s location. According to the financial report published by Standard Bank in South Africa, in 2012, ATM bombings cost South Africa’s banking industry around ZAR37 million ($3.62 million.)

Significant losses ATM bombings result in significant financial losses for the banking industry. Not accounting for the

Apart from financial losses, ATM bombings have also claimed lives of many. So far, two civilians, seven security officers and eleven police

...during the period between January and July 2012, on average, one ATM was bomb weekly. And there is no indication that attacks are likely to cease

officers were killed due to ATM bombings since 2007. Additionally, there were thirty-eight police officers, twelve security officers and 15 civilians were wounded in ATM bombings on the same period. The Solution The solution to the ATM bombing problems came from the cement industry. South African based precast concrete maker, Salberg, in collaboration with ATM supplier, ATM Solutions, has come up with a blast resistant ATM shelter. The blast resistant shelter will not deter the bombers but will reduce the cost of damage and protect the money vault.

According to Salberg, it took 37 months to complete the project. The project was conceived in 2008. According to Annemerie Hilhorst, Salberg’s sales manager, the blast resistant ATM housing is a first in the industry with her team’s huge investment of intellectual, emotional and psychological energy in creating the product. The bomb resistant shelter keeps its frame during explosion, thus protecting the money vault and keeping the damage to the ATM unit to a minimum. The external structure is designed to be aesthetically pleasing as well as

Bomb resistant ATM housing built by Salberg

functional. Although, the unit is blast resistant, it is lightweight, making it easy to transport and install. In his statement, ATM Solutions’ Operations Director said, that the new ATM shelter has helped expand its footprints in the South Africa. So far, the company has installed over 100 units throughout the country since January 2012. He added, that most deployments were in rural areas where the blast resistant structures are in demand. | 27


Payment Cards and Economic Growth: The Impact of Electronic Payments Payment cards aren’t just convenient — they help stimulate growth for economies as well, according to a study conducted for Visa by Moody’s Analytics, a leading independent provider of economic forecasting

By Moody Analytics Moody’s Analytics set out to test whether the long-term shift to credit and debit cards stimulates economic growth and found that electronic card payments continue to have a meaningful impact on the world economy. These findings are notable as the global economy struggles to recover and as individual countries consider whether to take steps to enable the wider use of cards. Key findings include: •• The growth in the use of electronic payment products, such as credit and debit cards, added $983 billion to the Gross Domestic Product (GDP) of the 56 countries examined between 2008 and 2012. • Card penetration and usage provided an important boost to economies, helping to mitigate what would otherwise have been an even slower recovery from the global recession.

28 | Technology Banker July / August 2013

Other Highlights •• U.S. Economic Growth: Card usage in the U.S. increased consumption by 0.3%, adding $127 billion to the U.S. economy. •• Global Economic Growth: In some countries, card usage increased consumption significantly — at the top of that list: China by 4.89%, Chile by 1.28%, and Brazil by 1.15%. •• Impact in Emerging Markets: Card usage added 0.8% to GDP across emerging markets, compared to 0.3% for developed markets. Emerging markets have

seen the greatest increase in GDP due to a high growth rate of card penetration. For example, a dramatic increase in card usage in China — from 31% in 2008 to an estimated 56% in 2012 — corresponded to a 1.7% increase in GDP in that period. The Value of Card Payments The evolution to electronic payment from cash and checks has changed the behaviour of and, in some cases, the relationship between consumers and merchants: •• Benefits to Consumers and Merchants: Cards provide consumers

with access to all available funds or lines of credit and merchants with the peace of mind of guaranteed payment. •• Security: Cards provide consumers with recourse for fraudulent transactions. •• Transparency: Cards help to reduce paper transactions, reducing the cost to central banks of providing notes and coins, and also increase tax revenues through the reduction of the grey economy. Future Economic Benefits Moody’s Analytics found that a 1% increase in card usage across the 56 countries in the study produces an annual increase of 0.056% in consumption. Given recent card penetration growth rates and the additive effects calculated on future GDP, Moody’s Analytics estimates a meaningful 0.25% addition to consumption and 0.16% additional GDP. Value of Electronic Payments The study concluded that increased credit and debit card usage contributes to economic activity by reducing transaction costs and improving efficiency in the flow of goods and services. Methodology This study looked at the impact of increased card penetration on private consumption of 56 countries over five years. Real private consumption was modelled as a function of real disposable income, real interest rates and spending using cards as a share of overall consumer expenditure (the

last defined as ‘card penetration’). To isolate the impact of increased card usage, the model used actual income and interest rates during the survey period, while fixing card penetration at the lowest level from 2008 to 2012. The model measured the difference between what actually happened (higher consumption) and what it predicted would have happened in the counterfactual where card penetration stayed at its lowest value between 2008 and 2012 (lower consumption). About Moody’s Analytics Economic & Consumer Credit Analytics Moody’s Analytics helps capital markets and credit risk management professionals worldwide respond to an evolving marketplace with confidence. Through its team of economists, Moody’s Analytics is a leading independent provider of data, analysis, modelling and forecasts on

national and regional economies, financial markets and credit risk. Moody’s Analytics tracks and analyses trends in consumer credit and spending, output and income, mortgage activity, population, central bank behaviour and prices. Its customised models, concise and timely reports, and one of the largest assembled financial, economic and demographic databases support firms and policymakers in strategic planning, product and sales forecasting, credit risk and sensitivity management, and investment research. Its customers include multinational corporations, governments at all levels, central banks and financial regulators, retailers, mutual funds, financial institutions, utilities, residential and commercial real estate firms, insurance companies, and professional investors. | 29


ICTs role in Africa’s financial services sector While the global economy struggles to get its balance back, Africa’s economy is showing steady growth. Unfortunately, its political, social and economic problems are overshadowing the continent’s positive growth. But, the fact remains that Africa is growing and is becoming a vital part of the global market

By Hope Varnes As Africa slowly integrates into the global market, businesses and peoples’ needs to access financial services and tools are increasing. ICT plays an important role in meeting these needs. And it is making headway in doing so. A case in point is the introduction of mobile money, which has unarguably improved financial inclusion in a number of African countries. Hurdles facing ICT and Finance Sector Integration Africa is just at the cusp of technological revolution. And the financial sector in the continent has still to overcome many

30 | Technology Banker July / August 2013

developmental hurdles. Despite improvement in financial inclusion, there is just less than 20% of the household in the continent that have access to formal financial services. Infrastructure in Africa remains poor and there is still weak consumer protection. There is also an obvious lack of clear and strong policies and regulations. Without a doubt, information and communication technologies have the potential to transform the financial industry in Africa. ICT progress offers many opportunities for the development of Africa’s financial service sector. It affects all aspects of the financial service ecosystem, from creating new

products and services to operational cost reduction, data management and customer behaviour analysis. All of these are vital to the success of the financial service sector in the continent. Solutions to challenges Africa is a huge continent made up of countries with very different cultural and political attitude. No two countries in Africa are alike and when you throw in the complex ecosystem of the financial and banking industry, you’ll find that you can’t provide a ‘one size fits all’ solution to the financial inclusion problem in the continent. Fortunately, most African countries

are not afraid to face challenges head on. On 14 January 2013, the Common Market for Eastern and Southern Africa (“COMESA”), made up of 19 member states from Eastern, Southern and Central Africa, was born. Although its main aim is to regulate competition law amongst its members, it will also establish policies to protect consumers and promote market transparency in the region. Poor infrastructure remains one of the biggest challenges for ICT and financial sector integration in Africa. But this is slowly being addressed. Last year, MTN and CWG, both African based companies, launched MTN Saas, a cloud service for MFI. Additionally, various African governments are also urging two countries in Africa are alike, and when you throw in the complex ecosystem of the financial and banking industry, you’ll find that you can’t provide a ‘one size fits all’ solution to the financial inclusion problem in the continent businesses, particularly network operators, to share infrastructure to reduce the cost of investment and also improve their customers’ experience. Despite the increasing numbers of middle class in Africa, it can’t be denied that many are still struggling

with poverty and are IT illiterate. But this too, is being addressed. Early in June, Angola opened its first mobile solar school. It aims to bring ICT to remote areas of Angola. During school hours, children will serve schoolchildren. On weekends and after school, it will serve as a community centre where adult can learn to use computers. No one can predict the future. It is questionable whether it’s possible that the whole of African will have access to formal financial services in the near future. One thing is sure; ICT will change Africa’s financial landscape. | 31


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What: The Future of Cards & Payments When: 3 - 4 July 2013 Where: Jumeirah Carlton Tower, London Website:

What: European Payments When: 4 - 5 July 2013 Where: Hilton, Amsterdam, Netherlands Website:

What: Cloud Identity Summit 2013 When: 8 - 12 July 2013 Where: Meritage Resort & Spa, Napa, California Website:

What: AITEC Banking and Mobile Money West Africa 2013 When: 10 - 11 July 2013 Where: Accra International Conference Centre, Accra, Ghana Website:

What: Computing & Information Security Conference (CCISC, 2013) When: 24 - 26 July 2013 Where: Rainbow Towers & Hotel, HICC, Harare, Zimbabwe Website:

What: 4th International Conference on Recent Trends in Information, Telecom & Computing – ITC 2013 When: 01 - 02 August 2013 Where: Chandigarh, India Website:

What: 2nd Annual Mobile Apps 2013 When: 30 August 2013 Where: Manhattan Hotel, Bangalore, India Website:

32 | Technology Banker July / August 2013


What: Big Data World Asia 2013 When: 10 - 12 September 2013 Where: Singapore Website: stm

What: AITEC Banking & Mobile Money COMESA 2013
 When: 11 - 12 September 2013 Where: Intercontinental Hotel Nairobi, Kenya Website:

What: World Cards and Payments China 2013 When: 12 - 13 September 2013 Where: Shanghai, China Website:

What: Sibos 2013 When: 16 - 19 September 2013 Where: Dubai World Trade Centre, UAE Website:

What: Total Payments When: 16 - 17 September 2013 Where: London, UK Website:

What: Capacity Africa When: 17 -18 September 2013 Where: Dar es Salaam, Tanzania Website: html?PageId=202787

What: ATM & Mobile Executive Summit When: 25 - 26 September 2013 Where: The Madison Hotel, Washington DC Website:

What: Telecoms World Middle East 2013 When: 30 - 02 October 2013 Where: Jumeirah Beach Hotel, Dubai, United Arab Emirates Website: | 33


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Technology Banker July / August 2013  

Forty-six years ago, in 1967, John Shepherd-Barron, from England, came up with an idea of a simple machine that dispense cash, much like a c...