KAMPALA, Uganda, November 20 /PRNewswire/ --

- First Government Institution to Implement Innovative Financial Services

Post Bank Uganda has entered into an agreement with Map International, the New York-based multi-dimensional financial services system which links consumers, merchants, banks, mobile operators, and service providers to deliver modern banking services throughout the country, but in particular, to rural areas.

It is estimated that more than 90 percent of Uganda's approximately 5 million households do not have access to a bank for a variety of reasons. Throughout Sub-Saharan Africa, it is believed that only one in five adults has a bank account or bank-like institution. In many cases, the cost of opening an account is prohibitive. There are also onerous documentation requirements. For example, in many African countries 75 percent of adults do not have a verifiable address, which effectively disqualifies them from being able to complete a bank application. One of the services Map International offers, in conjunction with the banking authorities, is a biometric ID card through mobile and fixed biometric data capture stations and services.

Map International is transforming the financial services infrastructure in developing nations by integrating and offering mobile banking, web-based tools, electronic funds transfer and debit/credit cards.

Map International will utilize the services of a local telecommunication company, Uganda Telecom to provide the infrastructure for the interconnectivity of Post Bank ATM machines around the country. Uganda Telecom will also provide the core mobile banking platform as well as operation support. Uganda Telecom is the largest ISP in Uganda and is a leader in data management and hence the right choice for the program.

As a private Ugandan company with GSM, 3G and NGN networks covering the whole country, Uganda Telecom also has experience with high-speed data transfer and management as they offer similar services to most banks in the country. Recently the company also won the tender to run the wide area network for the Uganda Revenue Authority.

As a result of the program, all Post Bank customers will receive access to the Map system.

QUOTE FROM POST BANK EXECUTIVE

"We are very excited to join with Post Bank to offer this visionary service to the citizens of Uganda. The senior executives of the bank are truly leaders in global financial services and they understand the critical economic and social implications that this service will have for their fellow citizens," said Map International Chairman Michael Landau.

Map International uses a variety of tools to deliver its services. An integrated mobile banking platform through local network operator facilitates voice communication, bill payments and transaction statements.

"We offer an exciting public/private partnership that delivers a critical solution to transform the economic lives of the under-opportunitized citizens of Uganda," added Landau. "Our products are uniquely delivered on an open platform that works in conjunction with existing government and private sector resources in each country. The system has received widespread support from elected and appointed officials, as well as support from leading financial services institutions globally."

"Map International's vision is to assist developing countries in transforming their economies by giving all citizens easy and efficient access to the most modern financial tools," he said. "This will enable people especially in rural areas to save, spend and borrow money efficiently, which will spur unprecedented local economic growth."

In addition to Uganda, implementation is currently underway in other countries in Africa and South America.

    
    Contact: Stan Steinreich
             Steinreich Communications
             +1-201-498-1600

SOURCE Map International