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CASH AXCESS

     
     
CASH AXCES   50.0%
Cash Axcess provides automated teller machine (ATM)-related products and services to the South African corporate and retail markets. The company has developed a fully integrated platform providing for two complementary business units – the sale, distribution and maintenance of ATMs, and a complete outsourced ATM transaction processing service. These services are focused on lower transaction volume ATMs and markets. Cash Axcess also facilitates the provision of cost-effective banking facilities to previously neglected areas, such as rural communities.
     

Cash Axcess is an authorised distributor in South Africa of the Tidel 3000 series of ATMs. The company uses a number of innovative techniques to reduce the total cost of ownership of its ATMs, such as GPRS communications, retailer cashing and the recycling of cash from drop safes.

Cash Axcess is an early-stage company. The company entered into an acquiring relationship with Mercantile Bank in January 2005 and took its first ATM live in March 2005. In July 2005, Cash Axcess started deploying ATMs nationally and entered into an acquiring relationship with Capitec Bank in March 2006.

Overview of the year to 30 June 2007

During the past financial year, COIN Security acquired a 50% stake in Cash Axcess, while VenFin holds the remaining 50%. The company focused on expanding its ATM footprint and its client base during the year. In July 2006, Cash Axcess piloted the recycling of cash from drop safes via its ATMs through a contract with COIN Security. This unique service is now offered to the Cash Axcess clients, and the company is currently preparing to deploy ATMs using this model with a number of banks in South Africa.

 

BEE

COIN Security Group has a 50% shareholding in Cash Axcess. COIN Security is a wholly owned subsidiary of Mvelaphanda Group Limited, a pre-eminent broad-based, black controlled, owned and managed group in which historically disadvantaged persons have a 57.6% total effective shareholding.

 

The future

Cash Axcess seeks to conclude additional bank acquiring agreements in South Africa to increase its existing ATM base. It is committed to continually improve the quality of service provided by its ATMs. The company believes that there are significant opportunities in the market to deploy lower transaction volume machines in previously underserved areas.