Business
Esprit Financial Group, Inc. (Pinksheets: EFGO.Pk) Announces Agreement in Principle with Union Bank of Nigeria
Esprit Financial Group, Inc. (Pinksheets: EFGO.Pk) Announces Agreement in Principle with Union Bank of Nigeria.
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[{"type":"text","content":"LAS VEGAS, NV, May 29 - Esprit Financial Group, Inc. (PINK SHEETS:EFGO.PK) announced today that the executive committee of one of Africa's largest banking institutions, Union Bank of Nigeria, have given provisional approval for dialogue to move towards contractual agreements for the implementation of a new issuing payment platform.\n\nEsprit's Advanced Electronic Funds Management (AEFM) division will be providing merchant account services, stored value credit and debit cards and international funds clearing services as part of its EM2 service capabilities in conjunction with its credit card financial services supplier, Credit Card Solutions UK Ltd (CCS). \n\nEsprit's AEFM division head Jack Chang will program manage the implementation for Union Bank. It is anticipated that this project could go live as early as the third quarter of this year. \n\nThe agreement calls for Esprit to deliver an initial 100,000 stored value cards by August, 2007. \n\nJack Chang, head of the AEFM division, noted; \"We have always maintained that there is a tremendous pent-up demand for advanced electronic funds management services in less developed countries internationally. This is especially true in the African and South American regions. Africa is experiencing a major growth surge, and financial institutions are rapidly adopting new technologies to broaden their service capabilities to attract new customers and cross-sell new services to existing ones. There is strong demand for electronic payment services in the region and continual strengthening of the internet and ATM backbone across both urban and rural areas\".\n\nThe revenue sharing arrangement between the various suppliers calls for Esprit to receive 1/3rd of net revenues generated through this contract. \n\nEsprit CEO Garr Winters commented; \"We're obviously pleased as punch to make this announcement. Things are ramping up fairly quickly in our AEFM division. This contract confirms our business model to go after international markets as a top priority.\nGarr added; \"Jack is an absolute first rate resource, and we are fortunate indeed to have him onboard. Now that he has the solid financial backing and a management team that can provide marketing and sales support, we're putting the 'pedal to the metal' to close new deals on an accelerated basis. There are a number of exploratory contract ...