Rashida Bakait
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.
"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.
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.