Cadmus Expands Into Growing West African Market
19 October 2005
Cadmus Expands Into Growing West African Eftpos Market
Auckland, 19 October 2005 - Cadmus Technology, New Zealand's leading exporter of payment solutions, today announced that it will supply Australian based EFTPOS distributor O&G with 2,500 of its wireless CM05 terminals for the growing Nigerian market of 128 million people.
O&G EFTPOS works closely with Interswitch, a co-operative switch company in Nigeria's capital city Lagos that is owned by the major African banks to facilitate the country's electronic payments.
Pat McCammon, international sales and marketing director for Cadmus Technology says that this agreement provides Cadmus access into another major growth region, as demand for EFTPOS services are set to grow in one of West Africa's fastest developing economies.
"This is a sizable deal with a commitment for potential for more sales over time. Although the EFTPOS market in Nigeria is relatively immature in terms of debit cards, the West African country has proven itself to be an early adopter of new technology such as mobile phones where there are over 12 million connections compared to less than a million phone lines," says McCammon.
McCammon also says that Cadmus is hopeful that the deal with O&G will open up demand for other products and services.
"Cadmus is already in further discussions with O&G regarding other value-added services that the company can also provide Nigeria such as mobile phone top-ups and EFTPOS bill payments."
"Initially, Cadmus will supply O&G EFTPOS and the Nigerian market with its handheld CM05 mobile terminals that will deliver substantial cost savings over dial-up terminals.
Nigeria, like many African countries, has fewer and less reliable dial-up connections, so the opportunity to supply Cadmus' wireless CM05 EFTPOS units using the GPRS network is a much better fit for this dynamic West African market," says McCammon.
Under the agreement, O&G EFTPOS will undertake development using the Cadmus m-Builder software development tools, to customise the solution for O & G and has agreed to work with Cadmus on new product development for the Nigerian market.