Smart card firm posts 17pc rise in users
Cairo, May 5, 2009
Mediterranean Smart Cards Company (MSCC), a leading smart card processing company in Africa, has reported an increase of 17 per cent in its client base in 2008 over 2007.
In 2008, MSCC’s growth in revenue increased by 41 per cent, while profits surged by a record 75 per cent over 2007/2008. Net profits rose by 21.8 per cent over 2008 compared to 2007.
New cards hosted by MSCC’s system jumped 61 per cent and issued transactions jumped by 101 per cent over 2007/2008.
On the infrastructure side, MSCC’s ATM processing witnessed a noticeable increase of 96 per cent. The growth in ATM and POS processing points to MSCC’s quality in its operational practices, ensuring each of its processing centers operates in line with international best practices for chip and pin card acceptance.
The Egyptian joint-venture company now provides its expertise in high-quality, premium smart card processing and operational support services to nearly 50 banks in more than 22 countries across the Middle East, Africa the Gulf.
“As our financial results show, MSCC is providing quality service to our growing client base, not only regionally but internationally as well,” said Hoda Shoukry, MSCC managing director.
“Our service innovations and technological expertise are the keys to our success and while we recognize that 2008 was another successful year for MSCC, we will continue to strive to meet the demands of the fast-paced payment card processing industry in 2009 and beyond.”
Since MSCC launched its high-quality, premium smart card processing and operational support services in Egypt in 2003, the company has experienced unprecedented growth: from 3 clients and 13 employees to nearly 50 clients and more than 120 employees.
In addition, MSCC has the capacity of carrying out projects within timeframe of just 90 days from signing the agreement to the launch of the operation.
MSCC not only provides processing services but also delivers comprehensive training courses to its partners in order to support the transfer of knowledge to supplement local expertise. – TradeArabia News Service