paybox Empowers ICSL to Launch a New Savings and Payment System for Everyone in Nigeria

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The investment and financial institution ICSL is partnering with paybox to launch a new savings and payment system in Africa. The new system offers a cash-like way to save, spend and transfer money and can be used with any mobile phone, anywhere, anytime, on any mobile network, with any bank and by any individual.

Together, we can fast-track Nigeria to achieving the Millennium Development Goals (MDG), bring an innovative system to the market to bank the unbanked and underbanked, deliver democracy dividends to Africans starting from Nigeria, mobilise and empower people at the grassroot and help our people create, protect, and preserve their wealth.

paybox, the trendsetting company for mobile payment enterprise solutions, empowers Integrated Capital Services Limited (ICSL), one of Nigeria's leading investment and financing institutions, to launch an innovative savings and payment system for everyone in Nigeria. The new system is based on scratchcards and enabled by mobile phones. Customers can open their account on the street, remotely save money into their account, topup up their phone, pay their utility bills and tithes, buy insurance, send money to friends and relatives, withdraw money at agent locations or ATMs, get access to credit and make investments.

The new system provides basic m-Payment services with minimal sign up barriers, creating more business but accepting lower margins, supporting remote and proximity scenarios. It also offers the end customers an easy upgrade path to a stored-value-account and eventually a bank account, e.g. complemented by an ATM (plastic) card. It provides key services beyond the basic banking functionalities, e.g. bill payment, airtime topup, international remittance with the appropriate user interface technologies, it offers cost-efficiency, convenience and flexibility.

"In cash-dominated markets, offering a banking solution to everyone with access to a mobile phone has a huge potential," states Eckhard Ortwein, CEO paybox. "Our partnership with ICSL gives us the opportunity to demonstrate the huge benefits of a mobile banking solution in an emerging country".

"It is exciting to leverage the paybox expertise and technology in Nigeria", says Adeniyi Elumaro, CEO Integrated Capital Services Limited. "Together, we can fast-track Nigeria to achieving the Millennium Development Goals (MDG), bring an innovative system to the market to bank the unbanked and underbanked, deliver democracy dividends to Africans starting from Nigeria, mobilise and empower people at the grassroot and help our people create, protect, and preserve their wealth."

The possibility to deliver a suite of financial services to everyone with a mobile phone is expected to transform the Nigerian financial services industry.

Representatives from paybox and from ICSL will be available at the "Meet-the-expert-session" on Feb 12 and Feb 13 and for a showcase of the new savings and payment system in the paybox hospitality suite (Hall 4, level 7 HS 48) during the Mobile World congress 2008.

About paybox:
paybox solutions AG ("paybox") is the trendsetting company for mobile payment enterprise solutions. Founded in 1999, paybox was the first to launch mass-marketable mobile payment solutions in five European markets. paybox set up operator-led, national mobile Payment standards in Germany and in Austria. Recognised for having the broadest mobile Commerce offering worldwide, paybox enterprise solutions are deployed across Europe, North and South America, North Africa, the Middle East and Asia. For more information on paybox, please visit http://www.paybox.net

About ICSL:
Integrated Capital Services Limited ("ICSL") is one of Nigeria's leading investment and financing institutions. Set up by Chartered Bank in 1989, ICSL is licensed by both the Securities and Exchange Commission (SEC) as an issuing house and by the Central Bank of Nigeria (CBN) as a financial solutions firm. The ICSL-Bureau de Change subsidiary is licensed by the CBN for retail currency trading business and Bureau de change operations. Since March 2007, ICSL is controlled and managed by Investcorp Capital Limited -- a financial consulting, portfolio management and private equity firm. ICSL provides a wide range of financial solutions, asset management and financial consultancy to governments, corporations, financial institutions and individuals. For more information on ICSL, please visit http://www.investcorpng.com/ICSL.htm

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Heidrun Kirsch
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