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SLMsoft bags $50 m contract in West Africa

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CIOL Bureau
New Update

Rashida Bakait

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MUMBAI: Canada based SLMsoft.com, provider of e-financial solutions, has

signed a $50 million, five-year contract with the Caisse D' Epargne Et Des

Cheques Postaux (CECP, Post Office Bank of Ivory Coast ) to provide a smart card

solution to support multiple banking applications.

SLMsoft India CEO Manu Agarwal said that SLMSoft India will be deploying the

project. CECP is the largest financial institution in the Ivory Coast and plays

a predominant role in the local retail-banking environment.

SLMsoft.com recently bought an all cash equity stake in Design Expo network,

which is now known as SLMsoft India.

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"This is the largest ever project bagged by SLMsoft.com and also by

SLMsoft India,'' he said. The contract terms include a fixed $10 million fee for

licensing and implementation and an estimated $40 million in transaction fees to

be earned over a five-year period.

Under the terms of the deal, SLMsoft India will provide the deployment of the

smart card applications for debit and credit card processing, along with the

software, hardware and installation services to establish a network of Automated

Teller Machines (ATM) and Point-of-sale (POS) devices throughout Ivory Coast.

The project will be completed in three phases, wherein the first phase would

involve development of network for smart card solutions, second phase would

involve installation of POS(point-of-sale devices) and establishing ATM network

while third phase would see implementation of credit card solution.

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Of the total of 227 branches, 30 branches will be covered in the first three

phases.. The remaining branches will be covered in phases in the next twelve

months.

Additionally, SLMsoft and the CECP will together seek out other opportunities

to expand our services further into Western Africa.

Overall Agarwal hopes to generate $4 million revenue this fiscal year.

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