RE: RE: RE: RE: RE: PBDAC News Mints not doing this alone. PBDAC is a partner and has already built a lot of the infrastucture.
December 21, 2011 11:12 ET
Mint and Egyptian Government Bank Sign a MOU for Significant Payments Infrastructure Project
TORONTO, ONTARIO--(Marketwire - Dec. 21, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Mint Technology Corp. ("Mint" or the "Company") (TSX VENTURE:MIT) announced in Cairo, Egypt today that it has signed a Memorandum of Understanding ("MOU") with the Principal Bank for Development and Agricultural Credit ("PBDAC"), an Egyptian government owned bank to build and operate a payments infrastructure network to replace the current cash based system of subsidy, loan and payment distributions. The project includes a prepaid/debit card program to manage the bank's agricultural loan program to be distributed exclusively by and through the PBDAC distribution network in Egypt of 1200 Branches and able to be used at retail point of sale merchant locations and ATM's throughout Egypt.
According to the detail of the MOU, the implementation will be in stages. Mint will initially launch the program in 2 districts in Egypt, known as governorates, comprising approximately 500,000 customers and following which it is expected to be rolled out to all of the approximately 5.8 million rural customers of PBDAC across Egypt. Mint and PBDAC will have 90 days in which to sign a full contract which will be for a 20 year term. MINT and PBDAC will jointly invest in an existing subsidiary of the bank, eCARD (egyptian Company Agricultural Rural Development).
Mint's contract with PBDAC will also include the deployment and management of new ATM and POS equipment and network to support the card program throughout the country. Mint intends to project finance this contract and is currently in discussions with appropriate capital providers.