JACKSONVILLE, Fla.,
Aug. 11 /PRNewswire-FirstCall/ --
FNDS3000 Corp (OTC Bulletin Board: FDTC) (Frankfurt: "FT4," A0MWLG), an international
prepaid processing company currently introducing electronic payment
solutions to the South African market, today issued an update
related to its prepaid microfinance card program currently being
offered to micro-lending institutions in South Africa, which provide small business and
personal loans to business owners and individuals.
As addressed in prior announcements, the Company began providing
this new service offering with several reputable microfinance
companies earlier this year. As one of many prepaid programs
supported by FNDS3000's processing platform, its prepaid
microfinance card program provides accredited South African
micro-lending institutions the means to provide loans safely and
securely while eliminating costs associated with cash processing
and administration. Through the issuance and activations of
FNDS3000's microfinance cards, cardholders can access loaned funds,
pre-loaded onto the branded prepaid card by the micro-lender, on a
24/7 basis simply by using an ATM. Further, cardholders can
use the prepaid cards wherever MasterCard is accepted to make
purchases, pay bills, book travel, and the like, to better operate
their businesses or address their personal financial needs.
Robert Klein, President and
Country CEO, South Africa, stated,
"During the last four months, we received 13 applications from
micro-lending companies interested in utilizing our prepaid
microfinance card solution. The initial response to the
program by both participating micro-lenders and their customers has
been very strong, leading us to believe that this service offering
could become a material contributor to our near term revenue growth
and a major component of FNDS3000's future success."
In South Africa, the vibrant
microfinance industry is experiencing tremendous growth,
contributing in excess of 15 billion
ZAR (US$2 billion) per year to
the country's financial services sector, according to MicroFinance
South Africa, a leading industry trade organization. There are
thousands of start-up and small companies in the South African
market who rely on receiving frequent, modest loans from
micro-lending institutions to support and expand their businesses –
many of whom do not have or do not qualify for a bank account, much
less conventional bank lending.
About FNDS3000 Corp
Headquartered in the U.S. with operations in South Africa, FNDS3000 Corp is engaged in
executing a series of international growth initiatives designed to
position the Company as a major player in the world's fastest
growing payment card segment: prepaid cards. Given that 40%
of the adult population in South
Africa is currently unbanked or underbanked, FNDS3000's
initial focus has concentrated on offering tailored prepaid card
programs and services to business customers in this developing
prepaid market, including network branded and closed loop programs
that support employee payroll, insurance, medical aid, gift cards,
prepaid cellular charges and small-scale international transfer of
funds. The Company provides these programs and services through a
proven, proprietary U.S. processing platform that has been designed
for international and cross border capability. For more
information, please visit www.FNDS3000.com, or follow us on Twitter
@_FNDS3000.
Forward Looking Statements
Matters discussed in this press release contain forward
looking statements. Investors are cautioned that such forward
looking statements involve risk and uncertainties, which could
significantly impact the actual results, performance, or
achievements of the Company. Such risks and uncertainties
include, but are not limited to, the potential loss of our
relationships with each of the parties that sponsor our cards and
banks that manufacture, issue, and own the cards; the loss of our
service providers; security breaches of our electronic information;
the inability to raise sufficient capital to fund its operations;
and other risks as may be detailed from time to time in the
Company's periodic reports filed with the Securities and Exchange
Commission. The Company assumes no obligation to
publicly update or revise its forward looking statements even if
experience or future events make it clear that any of the
projected results expressed or implied herein will not be
realized.
SOURCE FNDS3000 Corp
Copyright . 11 PR Newswire