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EcoBank, Nigeria leaps ahead with Interblock’s iCard

Interblocks stamps its mark in the African Region

Colombo, January 8th, 2007. Interblocks announced today that EcoBank, Nigeria have launched their credit card business with Interblocks’ iCard for the issuance of MasterCard Credit Cards and the local “Naira” Credit Cards. This marks another milestone in Interblocks’ growth in the global financial market.

iCard is a multi-card issuing and acquiring management and processing solution developed to meet the business requirements of both card issuers and merchant acquirers. iCard provides banks the flexibility to offer new products and services while sustaining growth of their customer base, giving Nigeria’s nascent credit card industry a further boost.

EcoBank selected Interblocks’ iCard solution over a variety of products offered by a number of internationally reputed vendors because of its superiority in terms of flexibility and adaptability.

The iCard software will interface to Ecobank’s Globus core banking system, Interswitch (ATM network) and MasterCard (via CTL) for acquiring credit cards through the bank’s merchant (Point of Sale) network.

“EcoBank is one of the first banks to issue MasterCard Credit Cards and the Naira Credit Card in Nigeria and we are extremely pleased to be their technology provider in this pioneering venture. This project has provided Interblocks’ Card & Transaction Management Systems with new opportunities within the EcoBank Group and the dynamic banking industry of Nigeria” said Faiq Faaiz, Director - Business Development for Interblocks Limited. 

Interblocks’ prior experiences with interfacing to MasterCard and Core Banking applications made its solutions and services more attractive to EcoBank over other vendors.  Apart from effortlessly interfacing with their existing systems, iCard will facilitate secure and easy connectivity between Ecobanks’ branch network and offices in other countries.

EcoBank Nigeria; considered by many investors as the gateway to the West and Central African Financial Markets; is a subsidiary of the EcoBank Group - an established regional banking institution. EcoBank has 57 branches and offices in 12 countries across West Africa. The bank’s customers range from national and multinational companies, government institutions, regional institutions and individuals. The bank offers a complete range of commercial and investment banking products and services.