Background Information

The UEPS affordable banking application incorporates key technological features such as multiple audit trail, automatic recovery, transaction cancellation, and transaction reconciliation. The versatility of the UEPS together with the new products to be launched, allows the convergence between a number of industry segments and government organizations. The key to success is the finely-tuned business models, which, through the use of the technology, can generate new income streams from un-tapped markets, for all system participants.

The UEPS enables the financial institutions and central banks to join forces with Government and deploy a National Switch that reaches all its citizens and at the same time provides a facility to bank the un-banked and offering products and services irrespective of where they reside.

This encourages all large, medium and small merchants, banks, vendors to participate. Physical cash outside of the current monetary system utilized in these un-banked environments can be deposited back into the banks via the card.

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Core Banking Offering

The UEPS back-end system caters for 127 separate financial institutions (FI) operating on the UEPS system. Each FI will have its own secure environment and be allocated with its own FI Identification Code.

Each participating FI is set up on the back-end system. All bank supervisors’, and registration operators are registered onto the UEPS and biometrically enrolled.

The banks are equipped with their own branded client smart cards, registration work stations and portable POS devices.

UEPS smart cards are issued on site to their clients. On issuing the card, the following banking wallets are activated:

• PRIMARY WALLET
• SAVINGS WALLET
  Un-banked population transact mainly with cash.  One of the most fundamental disadvantages of cash is that it cannot generate interest incomes for the holders and that its value depreciates with inflation.  The UEPS technology was designed to be an alternative to formal banking that allows a smart card holder to earn interest on the value contained in the Savings Wallet.  The ability to earn interest provides an incentive for people to maintain balances on their smart cards.  Interest is calculated on the balance shown in the client’s shadow account on the back-end System Host.  A 10 digit signature code is created for the value of the interest.  The cardholder can load their interest earned at their convenience.

• SECONDARY WALLET
  An additional member can be registered and enrolled onto the same card for convenience purposes. Their ten (10) fingerprint templates are also stored on the card for verification against this wallet. The main member has the ability to grant the secondary member access to his/her other wallets on the card if required.
  

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Core Banking Functionality

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Financial Products & Services

Applications Menu
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Registration, Enrolment & Smart Card Issuing

Salary/Wage/Pension/Grant Payment Distribution

Affordable Smart Card Banking

Retail

Electronic Voting

National Health Insurance Fund

Medical Stock Control, Patient Identification & Drug Allocation

Secure Mobile Banking

12-Map Biometric Search Station

Food Parcel Monitoring & Distribution

Pension Employee Collection and Distribution