Archive for the 'Technology' Category

Bangladesh Central Bank hit for $951m, its cybersecurity relied on second-hand, $10 switches

This story is not strictly capital markets, but a useful cautionary tale

REUTERS, 21 APRIL 2016
Bangladesh’s central bank was vulnerable to hackers because it did not have a firewall and used second-hand, $10 switches to network computers connected to the SWIFT global payment network, an investigator into one of the world’s biggest cyber heists said.
The shortcomings made it easier for hackers to break into the Bangladesh Bank system earlier this year and attempt to siphon off nearly $1 billion using the bank’s SWIFT credentials, said Mohammad Shah Alam, head of the Forensic Training Institute of the Bangladesh police’s criminal investigation department.
“It could be difficult to hack if there was a firewall,” Alam said in an interview.
The lack of sophisticated switches, which can cost several hundred dollars or more, also means it is difficult for investigators to figure out what the hackers did and where they might have been based, he added.
Experts in bank security said that the findings described by Alam were disturbing.
“You are talking about an organization that has access to billions of dollars and they are not taking even the most basic security precautions,” said Jeff Wichman, a consultant with cyber firm Optiv.
Tom Kellermann, a former member of the World Bank security team, said that the security shortcomings described by Alam were “egregious,” and that he believed there were “a handful” of central banks in developing countries that were equally insecure.
Kellermann, now chief executive of investment firm Strategic Cyber Ventures LLC, said that some banks fail to adequately protect their networks because they focus security budgets on physically defending their facilities.

Police blame bank, SWIFT
Cyber criminals broke into Bangladesh Bank’s system and in early February tried to make fraudulent transfers totaling $951 million from its account at the Federal Reserve Bank of New York.
Most of the payments were blocked, but $81 million was routed to accounts in the Philippines and diverted to casinos there. Most of those funds remain missing.
The police believe that both the bank and SWIFT should take the blame for the oversight, Alam said in an interview.
“It was their responsibility to point it out but we haven’t found any evidence that they advised before the heist,” he said, referring to SWIFT.
A spokeswoman for Brussels-based SWIFT declined comment.
SWIFT has previously said the attack was related to an internal operational issue at Bangladesh Bank and that SWIFT’s core messaging services were not compromised.
A spokesman for Bangladesh Bank said SWIFT officials advised the bank to upgrade the switches only when their system engineers from Malaysia visited after the heist.
“There might have been a deficiency in the system in the SWIFT room,” said the spokesman, Subhankar Saha, confirming that the switch was old and needed to be upgraded.
“Two (SWIFT) engineers came and visited the bank after the heist and suggested to upgrade the system,” Saha said.

Global whodunnit
The heist’s masterminds have yet to be identified.
Bangladesh police said earlier this week they had identified 20 foreigners involved in the heist but they appear to be people who received some of the payments, rather than those who initially stole the money.
Bangladesh Bank has about 5,000 computers used by officials in different departments, Alam said.
The SWIFT room is roughly 12 feet by 8 feet, a window-less office located on the eight floor of the bank’s annex building in Dhaka. There are four servers and four monitors in the room.
All transactions from the previous day are automatically printed on a printer in the room.
The SWIFT facility should have been walled off from the rest of the network. That could have been done if the bank had used the more expensive, “managed” switches, which allow engineers to create separate networks, said Alam, whose institute includes a cyber-crime division.
Moreover, considering the importance of the room, the bank should have deployed staff to monitor activity round the clock, including weekends and holidays, he said.
(Additional reporting by Jim Finkle in BOSTON; Editing by Paritosh Bansal, Raju Gopalakrishnan and Alan Crosby).

$81m to Manila casinos
If you want to read more about how the missing $81m ended up in casinos and with junket operators in the Philippines, brought in by 2 Chinese residents of Manila and Beijing, Fortune takes up the story.

 

Photo credit: www.dhakatribune.com

Photo credit: www.dhakatribune.com

Sudan’s Khartoum Stock Exchange launches electronic trading system

Sudan’s Khartoum Stock Exchange inaugurated its electronic trading system on 24 March. The system is funded by the African Development Bank as part of its $34.8 million Public Financial and Macroeconomic Management (PFM) project. The bank says in a press release: “The e-trading system will be instrumental in promoting rapid development of the Khartoum Stock Exchange Market, which is a central element in the country’s financial market.”

According to a report on Sudan News Agency, Dr. Azhari Al-Tayib Al-Faki Director-General of KSE, said the launch was for the second phase of the trading system, financed by a $400,000 AfDB grant to cover system development and capacity building. He says it will reactive the market operations and allow remote access. He adds the update is by a company called FMH International and adds that it did a first phase of the project in 2012.

Abdul Kamara, Resident Representative of the AfDB in Sudan, said electronic trade is increasingly important. He stressed that the Bank’s support emanates from the considerable advantages of trading electronically, which reduces the risk associated with physical cash transactions, lowers transaction costs and saves time. He also noted the potential of e-trading to improve transparency, flow of information and enhance domestic resource mobilization, such as Sukuk bonds on which Sudan heavily depends on for financing infrastructure and service delivery. He assured the government of the Bank’s continued assistance in the area of public financial management and enhancing accountability in the use of public resources.

The market was previously open for 1 hour a day Sunday to Thursday. The KSE has 66 listed companies, including 25 banks, 8 insurance companies and 11 investment and development companies. The primary market was launched in 1994 and In 2012 a total of $113m worth of shares were issued. There was also primary market issues for each Government Musharaka Certificates (Shahama), Government Investment Funds (Sukuks) and investment fund sukuks, bringing the total value of primary market issues in 2012 to $1.08 billion.

Other parts of the PFM project aim to create a “platform for establishing electronic public financial systems, which will ultimately form basis for the transition of electronic governance and administration of public resources. Other complementary systems that are being developed by the PFM include an Integrated Financial Management and Information System (IFMIS). This will integrate Sudan’s public financial management systems with other systems in line ministries, through a customized IT infrastructure that will enhance electronic transactions, information flow and interaction across ministries,” according to the AfDB press release.

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Will Interswitch be Africa’s first $1bn tech “unicorn”?

Nigeria’s digital payments and payment card giant Interswitch Ltd could become Africa’s first tech “unicorn” or technology company valued at over $1 billion. Private equity firm Helios Investment Partners (majority owner) is preparing to sell and Citigroup Inc are hired to handle the sale, which could involve an initial public offer (IPO) and listing on the London and Lagos stock exchanges.
Website TechCrunch reported that Interswitch has 32 million customers for its “Verve” chip-and-PIN cards and its Quickteller digital payment app processed $2.4 billion in transactions. It processes most of Nigeria’s electronic bank, government and corporate transactions.
A subsequent report from Bloomberg says Helios paid $92 million for a 52% stake in 2010.
Techcrunch contributor Jake Bright (Twitter @JakeRBright, co-author of The Next Africa: An Emerging Continent Becomes a Global Powerhouse) reports that Interswitch CEO and founder Mitchell Elegbe told him no final decision has yet been made and they are also mulling the option of a trade sale.

Mitchell Elegbe CEO Interswitch (from www.naij.com)

Mitchell Elegbe CEO Interswitch (from www.naij.com)


Bright’s Techcrunch report also cites Eghosa Omoigui, Managing Partner of EchoVC, a Silicon Valley fund investing in African start-ups: “They’ve already selected the ibankers and will likely go public sometime between Q2 to Q4 at (or close to) a $1 billion dollar valuation–roughly two times revenues,”.
Bright points out that there are strong tech opportunities for ventures focused on digital commerce and payments, and cites research by Crunchbase that VC investors put $400m into African consumer goods, digital content and fintech-oriented startups. Helios and Adlevo Capital back ventures such as MallforAfrica (e-commerce) and Paga (payments).
Although Kenya has the spotlight still, because of the runaway success of Safaricom’s M-PESA product, which has 13m customers and generated $300m in revenues for Safaricom in 2014, consumers in Nigeria are projected to generate $75bn in e-commerce revenue by 2020. See this McKinsey report on future consumer spending trends in a youth-driven market.
Interswitch – motto “bills aren’t fun but payments solutions can be” – is still building digital finance market share in Nigeria and in 2014 bought Kenya’s Paynet and also has operations in Uganda, Tanzania and Gambia. The IPO could support plans to expand into more countries – Cameroon, Democratic Republic of Congo and Ghana were mentioned in an earlier Bloomberg article.
Elegbe, age 43 years, founded Interswitch in 2002.
Bloomberg reports that if this goes ahead, it will be one of the few private equity exits at a valuation of over $1 billion. It also cites Bain Capital’s $1.2bn exit from South African retailer Edcon’s private label store cars in 2012, sold to Barclays Absa unit. It says increasing use of e-commerce worldwide makes payments-processing industry a “structural growth market”.
The London Stock Exchange has more than 120 African listings.
In its 2010 press release, Helios described the company: InterSwitch provides shared, integrated message broker solutions for financial transactions, eCommerce, telecoms value-added services, eBilling, payment collections, 2 and also administers Verve, the leading card scheme in Nigeria. The Verve card, which is currently issued by 16 out of the 24 banks in Nigeria, is the first and only chip-and-pin card accepted across multiple payment channels including Automated Teller Machine (“ATMs”), Point of Sale (“POS”) terminals, online, mobile and at banks. InterSwitch has been at the forefront of the development and growth of the epayment sector in Nigeria which is evidenced by its unique position of being the only switching and processing company connected to all banks in the country as well as over 10,000 ATMs and 11,000 POS terminals. In addition, InterSwitch is the leading processor for Mastercard and the market leader in merchant acquiring/POS, a segment which is still emerging and has potential for tremendous growth in Nigeria. Babatunde Soyoye, Managing Partner and Co-founder of Helios added: “InterSwitch is a Nigerian success story having been led by a superb management team and benefiting from the foresight, innovation and support of its founding shareholders, and a supportive regulator in the Central Bank Nigeria.”

Global community heading to World Exchange Congress 22-23 March

Momentum building fast ahead of the key event for securities exchanges worldwide, the World Exchanges Congress, now in its 11th year and back in central London from 22-23 March.

This is the key gathering where more than 300 members of the global exchange community get together from all continents to share trends and to hear from experts and bourse leaders. Topics of interest in the fast-changing world of established and emerging trading venues regulated exchanges include “new customers, new revenues and new partnerships”.

For more information, check the website here.

The World Exchanges Congress was launched in London in 2005 and has been hosted in Istanbul, Madrid, Doha, Monaco, Dubai and Barcelona. CEOs from virtually every exchange and trading venue in the world have attended. In 2010, the event expanded to look at technology opportunities and challenges and there is strong participation from chief technology officers (CTOs) and other top executives with a focus on trends and innovations.

In 2016, the congress continues to be seen as the unofficial AGM of exchanges and it is the most significant date on every exchange executive’s diary. It gives bourse leaders the opportunity to harness the latest innovations, overcome their biggest challenges and be inspired to drive their organisations forward.

The gathering will focus on the most critical future trends affecting exchanges and changing the exchange landscape, including cyber-security, crowd-funding, bitcoin, big data, crypto-currency and post-trade automation. Core topics running through the programme are the growth of financial centres, market integrity and finding ways to succeed through innovation.

Confirmed speakers are CEOs and other leaders from securities exchanges and other trading venues around the world as well as from the World Federation of Exchanges. They will explain their successes and challenges driving into new partnerships and revenue opportunities including commodities, derivatives and FX, regional expansion, the trading landscape under Europe’s MiFID II directive, opportunities for automation, over-the counter (OTC) trading on exchanges, distributed ledger/block chains, attracting more listings, crowdfunding platforms, data and index revenues for exchanges, post-trade models, innovation pitches, latest developments in central clearing, cyber security and finding new customers and new partnerships.

The conference has a strong tradition of formal and informal networking. It continues to be the key place where exchanges come to meet their peers and colleagues, benchmark their organizations and share ideas. Interactive exchange-led roundtables in 2016 mean that this year’s event will be no different.

For more details and to book your attendance, please head to the conference website.

SPONSORED STORY

Namibia’s stockbrokers switch to IRESS to access NSX

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All 4 Namibian stockbrokers have switched their front-end links into the local bourse trading system to the trading solutions supplied by IRESS. The company is a leading supplier of innovative technology for financial markets, wealth management and the mortgage industry in South Africa, Asia, United Kingdom, Canada, New Zealand and Australia.

IRESS says that the fully integrated solution incorporates order and execution management means that brokers no longer have to use multiple and legacy trading systems when managing orders on the local Namibian Stock Exchange (NSX) and their institutional order flow to South African brokers for execution on the Johannesburg Stock Exchange (JSE). Order routing is fully managed by IRESS and delivered within a unified multi-market order-management system. Brokers can leverage IRESS’ international trading connectivity and seamlessly access counterparties on the IRESS network, which includes many “buy-side” or institutional investors. Efficiency benefits include unified systems and no need to enter data twice or more, removing the potential for human data entry error.

Ridwaan Kharva, Head of Trading Solutions at IRESS, explains in a press release: “Having an integrated order-management system and execution platform creates a huge amount of efficiency in terms of both cost and workflow. We are delighted to include all Namibian brokers as IRESS exchange trading clients in addition to our presence in South Africa. IRESS has been connecting market participants for over 10 years and brokers in Namibia will now be able to benefit from enhanced trading capability, delivering improved speed and reliability with reduced cost.”

IRESS has also supplied the NSX with IRESS Professional Market Data, enabling comprehensive market monitoring and analysis.

The NSX made history in 1998 when it became the first African exchange to run its trading systems on the system offered by the JSE under an agreement to exchange technology, skills and . That has ensured, over the years, that it has remained with one of the world’s best and most up-to-date trading systems, currently running out of Johannesburg and previously run by the London Stock Exchange. The arrangement was renewed in 2014, and details of its benefits are given in this JSE press release.

The NSX has 34 listed companies and 4 listed exchange-traded funds (ETFs), 4 stockbroking members and 7 sponsoring brokers.

IRESS, headquartered in Australia, employs over 1,340 staff globally, with local knowledge and industry experience. All its product streams support a diverse range of roles and offer front, middle and back-office functionality for clients that range from financial service institutions through to independent operators

Kenya’s revolutionary mobile phone M-Akiba bond on 21 Oct

Nairobi centre (credit www.kenya-advisor.com)

Nairobi centre (credit www.kenya-advisor.com)

Kenya’s National Treasury will float a KES5 billion ($48.6 million) M-Akiba bond which will only be purchased through mobile-phone platforms. The minimum investment will be KES3,000 ($29.13) and the maximum KES140,000, which is the maximum allowed in a single mobile-money transaction (it can be increased by making more applications).
The 5-year infrastructure bond will float on 21 October. The National Treasury and Central Bank of Kenya will set the rate, which will be free of income tax. Finance Cabinet Secretary Henry Rotich said the rate will be higher than rates offered by commercial banks (currently 1.37% on cash in savings accounts) but did not give more details.
It is unlikely to be as high as the soaring rates in local money markets – a 91-day treasury bill was at 20.637% at the auction for value dated 5 Oct, up from 18.607% on 28 Sept according to the CBK and 182-day paper on 28 Sept was 14.5%. The Government’s 1-year KES30bn bond sold at a record rate of 19.062%, offering the biggest returns for investors in 3 years. Kenya’s inflation in Sept 2015 was 5.97%, up from 5.84% the previous month and above expectations, according to www.tradingeconomics.com.
The new bond will only be available to Kenyans, who currently make up 2% of investors into bonds listed on the Nairobi Securities Exchange (NSE).

Innovative mobile money tech
The innovative Treasury Mobile Direct (TMD) platform means individuals will buy the bonds instantly instead of the previous 2-day process. Potential customers will only need to have a mobile phone line and subscription to a mobile-money transfer service, which will enable telcos to open an electronic account with the CDSC on their behalf, as well as a valid ID. They will dial *889# and follow the prompts. Treasury will pay the coupons every six months through Safaricom mobile transfer service M-Pesa.
M-Akiba aims to help more people save and invest and make it easier for the Government to raise funds and diversifying their investor base. Stephen Chege, corporate affairs director of mobile phone company Safaricom, was quoted in this news story in Nation as saying it would help build a savings culture: “Currently, only 11% of Kenyans save on a regular basis as compared to 22% in Rwanda and Uganda, while in Qatar this figure stands at 60%.” Up to 23m Kenyans could participate. The National Bureau of Statistics says the rate of savings has stagnated and remains far below the medium-term targets.
The bond was launched on 28 September, and NSE chairman Eddy Njoroge said: “Our bond market is currently dominated by foreign and local institutional investors, M-Akiba is in line with NSE’s strategy of enhancing financial inclusion by driving retail investor participation.”
The prospectus will be released on or after 16 October.
Rose Mambo, CEO of the Central Depository Settlement Corporation (CDSC) was reported as saying: “This will be a vanilla bond attracting a fixed rate of interest and redeemable in full on maturity which will not be affected by changes in the market interest rates and the principal is secure.”
Previously the minimum investment possible in a Treasury bond was KES50,000.

Mobile money reach
Mobile money bond investments will be a technology revolution for world capital markets.
According to CNBC, mobile penetration across Kenya was last recorded at 83.9% for the period between April and June 2015, according to the Communications Authority of Kenya. The mobile money service M-Pesa has become a formidable competitor for local banks since it was launched by Safaricom in 2007 and last recorded a total of 23.3m customers, more than half of the country’s near 44m population. Statistics from digital finance researcher Financial Inclusion Insights show over 62% of Kenyans actively managed money on their mobile phones in 2013, compared to 21% who held bank accounts.

UPDATE – Zimbabwe Stock Exchange delays automated trading

According to an announcement today, 3 July, the Zimbabwe Stock Exchange says it did not launch electronic trading today as planned and the launch has been delayed indefinitely. The ZSE says: “Erring on the side of caution, it was decided to resolve a technical issue to ensure a seamless completion of the settlement processes. Further updates on ‘go live’ will be issued by the ZSE in due course.”
The ZSE has been trading securities using “callover” sessions since 1896 and had announced yesterday it was ready to launch online trading today through a new automated trading system (“ATS”) installed by InfoTech. It says it had opted for a close coupling model between the ATS as the front end of the trading cycle and the central securities depository (“CSD”), which has a mandate for settlement of both scrip and cash.

Launch of Africa Progress Panel report 5 June

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For more information, see Africa Progress Panel. The ground-breaking Africa Progress Report Power, People, Planet will launch 5 June – energy poverty, the effects and future of climate change, and Africa’s vast sustainable energy.

Payments messaging booms in Africa

Payments and securities transactions are growing faster in Africa than in any other part of the world, according to data from financial messaging institution SWIFT. Traffic volumes of payments information in Africa grew by 13.2% for the year to date compared to the same period in 2014, surpassing Asia Pacific (Apac) at 12.6%; the Americas at 12.1%; and for the “EMEA” region which includes Europe, the Middle East and Africa at 6.9%, or 8.8% growth for SWIFT worldwide.
Traffic between African countries has also been booming, good news for those who believe that Africa should focus on building competitive links and bringing the securities markets together.
SWIFT is a member-owned cooperative that connects more than 10,000 financial institutions and corporations in 212 countries and territories and provides a communications platform, products and services. Its SWIFT Index is seen to anticipate economic (GDP) growth in advanced countries, because the SWIFT infrastructure is so widespread that it picks up on increased levels of activity, particularly on commercial payments and transactions messages (MT103) on its systems.
Here are some examples of stand-out growth in SWIFT traffic in different countries (%age growth year-to-date compared to same period last year):
• Angola – payments traffic grew more than 78%
• Ghana – payments traffic rose by almost 30% and securities by almost 55%. Ghana has seen average growth of 27.2% since 2013
• Kenya – payment message traffic rose by 23.1%, while securities-related growth was 122.3%
• Nigeria – average yearly growth of 29.1% in traffic since 2013
• Tanzania – payments rose by 32.9% and securities by 45%
• Uganda – payments were up by 17.5% and securities by 31.6%.
The growth has been sustained for several years. Africa’s total SWIFT traffic rose by 44% over the last 3 years, of which payments rose 42% and securities information was up 37% across Africa.
For the first quarter of 2015, traffic from South Africa was 53% of traffic in Africa, compared to 72% in 2003.
Christian Sarafidis, Deputy Chief Executive EMEA, SWIFT, highlighted the value of SWIFT data in the story it tells about African economies: “The figures show strong organic growth across Africa and in East Africa particularly, and serve as validation of the positive growth trends we are witnessing in the region.”
Hugo Smit, Head of Sub-Sahara Africa, SWIFT, says: “Africa is an important market for SWIFT. Once again it has outperformed most of our other regions and has proven itself a critical component of our global business. Because the continent has such huge growth potential, we are continuing to invest more resources to support the local financial community. It is very heartening to see such impressive growth in West and East Africa, where we are currently opening new SWIFT offices.”
African corridors are becoming stronger. For the full year 2014, SWIFT data shows that 52% of the traffic sent from Africa stayed within the African zone, up by 16% on the year before and the highest growth rate for intra-African traffic. The trend was even more pronounced in the Southern African Development Community (SADC) region, where 55% of traffic sent from SADC stays in SADC, and the region is recording record growth, up 16.2% for the full year 2014 compared to 2013.

African financial innovators
SWIFT’s African Regional Conference (ARC) 2015 is happening this week (5-7 May) in Cape Town. One highlight is bringing Innotribe’s fintech Startup Challenge to Africa. The Startup Challenge introduces the world’s brightest start-up businesses to highly qualified financial service experts, angel investors, venture capitalists, and global leading fintech and financial decision makers. Innotribe is SWIFT’s financial technology innovation initiative and in the 2015 challenge, SWIFT Innotribe will have a round dedicated to fintech companies from across Africa, who will come to Cape Town in order to pitch to investors.

About SWIFT and the index
SWIFT is the Society for Worldwide Interbank Financial Telecommunication. It was founded in 1973 and still has its headquarters in Belgium. The SWIFT index is based on data on SWIFT MT 103 messages, a specific format that enables the bilateral transfer of information about payment transactions between customers of different banks or financial institutions. SWIFT says it is “the de facto global standard for cross-border single customer credit transfers and is used primarily for commercial rather than low-value retail payments”.
Wikipedia gives a run-down of the different SWIFT message types.

SWIFT operating centre (Source: SWIFT)

SWIFT operating centre (Source: SWIFT)

Zimbabwe central depository brings shares on board

Chengetedzai Depository Company Ltd, Zimbabwe’s central securities depository (CSD), was reported that the last securities had been brought on board in March 2015, according to a report in Zimbabwe Mail. Old Mutual announced that its shares were also dematerialized with effect from 30 March.
CDCL announced last year that it had received due approvals to start operations and it went live in September 2014 with 3 securities onboard, and had extended that to 43 counters by January 2015.
CDCL had been publishing announcements as new shares are brought on board, and latest additions were Mashonaland Holdings, Old Mutual, Dawn Properties and others. There are some delays in the automation of Zimbabwe Stock Exchange trading system which is supposed to link to the CSD.
A CSD keeps a computerized register of securities ownership and also registers transfers after shares have been bought, sold or otherwise transferred. It replaces paper share certificates for most shareholders, in a process known as “dematerialization”. It links to systems for payment and clearance of trades.
The previous system saw clearing and settlement done between the stockbrokers on a T+7 schedule, Chengetedzai says it reduces settlement this to T+5.
Apparently local retail customers initially found it hard to understand that they must address settlement queries to a custodian, not to their stockbrokers as previously. Campbell Musiwa, Chengetedzai Depository Company chief executive said that CBZ Custodial Services had been set up as an “affordable” custodian for retail customers.
NewsDay reported in January that investors and stockbrokers were still breaking regulations by selling shares before dematerialization is complete. It added that only 1,557 accounts had been opened at Chengetedzai, of which 61% are for foreigners who work through global custodians (usually banks) who then relate to local custodians. Chengetedzai has been criticized for not doing enough to educate local shareholders to switch although it has worked with media and produced pamphlets.
Musiwa said there had been some delays in trade settlements if investors had traded before meeting the requirements but also: “There has been a marked improvement which resulted from continuous lobbying with market players to observe the rules,” he said
In April 2014 Chengetedzai Depository Company Ltd was reported by Standard Newspaper saying it was still waiting for licensing and for the award of a CSD levy by SECZ. Chengetedzai Depository Company won the tender to introduce the CSD in 2009 as reported on AfricanCapitalMarketsNews. After a shareholding dispute, it installed core software for operations that were planned for September 2013 but was held up while waiting for the licence.
In 2013, Chengetedzai raised nearly $2.5m through share issues, according to its annual report, including a successful $1.5m rights issue to finance the roll out of the CSD. The ZSE has invested $643,000 including $287,000 in the rights issue, according to its 2013 annual report, and holds a 15% stake after scaling up from 12.93% in January 2014. Chengetedzai’s 2013 annual report says that “quasi-government financial institutions” owned 56% and private investors 44%. Main shareholders were Infrastructure Development Bank of Zimbabwe, First Transfer Secretaries and ZB Financial Holdings with 15% each and the National Social Security Authority with 13% at 31 Dec 2013.
The software is Depo/X system supplied by CMA Small Systems ab of Sweden.