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Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
Iveri Payment Technologies
Project ID
7790
Fiscal year
2009
Status
Not Active
Guarantee holder
ADC IT & Payment Solutions
Investor country
Mauritius
Host country
South Africa
Environmental category
C
Sector
Financial Services
Date SPG disclosed
January 27, 2009
Project Board date
February 10, 2009
Gross exposure
 $0.3 million
Project type
SIP

View Summary of Proposed Guarantee


MIGA has issued a guarantee of $320,000 for ADC IT & Payment Solutions (ADC) of Mauritius covering its equity investment in Iveri Payment Technologies of South Africa. ADC has committed € 250,000 to purchase a 51 percent share in Iveri Payment Technologies. The coverage is for a period of 10 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.

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 is aligned with the Bank Group’s priority of supporting investments in middle-income countries. The guarantee supports a South-South investment. It was underwritten through the agency’s Small Investment Program.

For more information, please contact migainquiry@worldbank.org.

 
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