Prime is positioned to host payment cards for issuers in Africa thereby helping them automate and innovate card services
In 2003, commercial Banks in Nigeria successfully rolled out Bank-branded debit cards. As consumers overcame initial skepticism, they began to experience the benefits of 24hr access to cash as well as oversees payments at the point of sale or over the internet. These developments, while creating rapid growth, also intensified competition since typical card services offered the same value. Also, manual Back-office operations became resource intensive and in many cases unable to support the levels of card issuance and usage.
Banks therefore needed to find innovative ways of differentiating their offerings to niche markets while automating key service fulfilment and support operations. Unfortunately, existing systems were not able to address key innovation and process automation challenges that existed. Traditional Card management systems, for instance, did not provide any significant features to automate Back-office operations. In addition, these systems came across as complex and rigid thereby failing to address the need for on-going innovation. Banks have recently resorted to adopting, multiple systems to satisfy various specific market and operational requirements. This approach is increasingly proving to be expensive, unmanageable, non-viable and ultimately un-sustainable.