West International AB
17.05.2016 13:08
Dissemination of a Adhoc News, transmitted by DGAP - a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.
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West International and V-Switch Ltd have signed an agreement for the delivery
of a card payment solution for the growing health care sector in South Africa.
The deal marks a substantial increase in West's presence on the South African
market.
South Africa represents a vital growth market on the African continent. The
installed base of card payment terminals amounts to some 250 000. This figure
is expected to increase rapidly and reach one million within the next coming
years. West is already established as a supplier of card payment terminals to
South Africa's largest bank, ABSA Bank.
V-Switch is a supplier of financial services within The Net 1 Health Program, a
private South African health care program. It targets millions of uncovered
individuals and their families with low cost medical, wellness and lifestyle
benefit options. Within the program, V-Switch acts both as a card issuer to
members as well as providing the card payment infrastructure to the health care
providers. Acquiring bank supporting the Net 1 Health Program will be Standard
Bank, who alongside ABSA is the second leading bank in South Africa.
In the pilot phase of the program, V-Switch will provide its card payment
services to 1 500 care providers handling 15 000 individuals. The market
potential of the Net 1 Health Program is more than 40 000 health care providers
whom all need this payment solution. V-Switch expects to reach 10% of this
market during the first year of service. In addition, V-Switch is active in
several other African countries, e.g. Nigeria, Kenya and Mauritius and aim to
deliver the card payment solution to similar health care programs in these
countries as well.
'We now open a new chapter in West's history. I am very proud to start this
partnership with South Africa's leading supplier of financial services within
the health care sector. The deal will have significant impact on West's
continued international expansion and growth', says Sten Karlsson, CEO of West
International.
'We are very excited about partnering with West in Africa. Their technology
will definitely give V-Switch the edge in a number of industries across Africa
in the next 12 months', says Dr Johan Bosch, CTO of V-Switch Pty Ltd.
The companies have signed a four-year agreement. At signing, West has received
a first pilot order amounting to USD 320 000. Required certifications are
expected to be completed around the year end when the deliveries will commence.
For additional information, please contact:
Sten Karlsson, CEO of West International AB
Cell phone: +46 70 555 6065
E-amil: sten.karlsson@westint.se
West's Certified Adviser is Consensus, +46 31 745 5000.
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the associated documents
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=572
090
News Source: NASDAQ OMX
17.05.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language: English
Company: West International AB
Sweden
Phone:
Fax:
E-mail:
Internet:
ISIN: SE0002169292
WKN:
End of Announcement DGAP News-Service
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DGAP-Adhoc: WEST: Delivering payment solutions to the health care sector in South Africa
| Source: EQS Group AG