This summary covers a proposed guarantee for ADC IT & Payment Systems’ (ADC) investment in Iveri Payment Technologies of South Africa. ADC of Mauritius has committed € 250,000 to purchase a 51 percent share in Iveri Payment Technologies. The investor has applied for a MIGA guarantee of € 225,000 (approximately $298,000), covering the investment for up to 15 years against the risks of transfer restriction, expropriation, and war and civil disturbance.
Iveri Payment Technologies is a provider of technology for virtual and mobile commerce. The Iveri system conforms to international card association requirements, focusing on products that allow the merchant to aggregate transactions from all available mediums, including online real time transactions, in a cost effective manner.
This contract is a Category C under MIGA’s environmental review procedures.
Iveri will enable merchants to profitably process transactions in places with minimal infrastructure, thereby increasing their access to revenue. As a result, financial institutions in the country will be able to expand their services to rural populations. The expansion of financial services to these communities offers many benefits including a more secure and convenient way of transacting business and storing capital; increases the ability of the government to collect taxes; and solves the problem of insufficient cash points in remote areas.
Private sector development is an important priority for the World Bank Group in South Africa as set out in the 2008-2012 Country Partnership Strategy. South Africa is not only a middle-income country with inherent strengths and opportunities, but a huge engine of growth for Africa. Ensuring that growth continues in South Africa is therefore vital not only for the country itself, but the continent as a whole.
MIGA’s participation in the project would be aligned with the Bank Group’s priority of supporting investments in middle-income countries. If MIGA proceeds with the project, it will be underwritten through the agency’s Small Investment Program.
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