VERICASH
VERICASH is a financial technology company headquartered in Cairo, Egypt. Starting out as as a division of CIT Global (founded in Toronto in 1993), the company develops software used by banks, microfinance institutions, telecommunications companies, and payment service providers, with a focus on Africa and the Middle East.[1][2]
History
In 2011, VERICASH was established as CIT Global’s mobile financial services unit. In West Africa, the company partnered with Nigeria-based CWG Plc as its local center of excellence (formerly Computer Warehouse Group) on financial inclusion and mobile banking initiatives. In 2016, CWG launched a financial services hub in partnership with CIT Vericash to provide services for banks and telecom operators across Africa.[1][2]
Years later, the collaboration continued and in 2022, BusinessDay reported that CWG and VERICASH partnered on a digital banking summit targeting microfinance banks in Nigeria.[3]
In 2024, VERICASH announced a strategic allicance with Bluechip Technologies to establish a Centre of Excellence, aimed at supporting digital transformation in the EAST Africa region.[4] That same year, CIO Africa reported that a Bluechip executive had been appointed to lead CIT VERICASH's business across East Africa.[5]
In theMastercard Engage Partner Directory VERICASH is also listed as an approved provider of wallet and payment solutions in Egypt and the wider EEMEA (Eastern Europe, Middle East, and Africa) region.[6]
StocksWatch reported in 2025 that the United Bank for Africa (UBA) marked ten years of partnership with VERICASH. The report highlighted the role of its technology in UBA’s digital banking services.[7] UBA also issued its own statement marking the anniversary.[8]
Products and services
VERICASH develops a platform for digital financial services. Its offerings, as described in public materials and supported by reports of deployments, include:
- Digital banking – mobile, web, and USSD channels for account access, payments, and loans. Features referenced include onboarding, personal finance tools, and security controls. UBA’s ten-year partnership with Vericash is an example of a long-running deployment of these services.[9][8]
- Agency banking – services allowing banks and microfinance institutions to extend access through agent networks. Coverage of the CWG collaboration in Nigeria highlighted this use case for reaching underserved populations.[10]
- Digital wallets and payments – multi-currency wallets, peer-to-peer transfers, and e-commerce payment tools. The company’s listing in the Mastercard Engage directory confirms its activity in this area.[11]
Operations and partnerships
- Nigeria (West Africa): partnerships with CWG Plc reported since 2016, with initiatives serving banks, telecoms, and microfinance institutions.[1][2][10]
- East Africa: collaboration with Bluechip Technologies from 2024, supported by press releases and industry coverage.[12][13]
- Egypt and EEMEA: inclusion in Mastercard Engage directory as a technology partner for wallets and payment services.[11]
- UBA partnership: collaboration with United Bank for Africa spanning over a decade, acknowledged by both UBA and financial media.[9][8]
Recognition
- Excellence in Digital Banking Platforms – Finnovex West Africa, 2024.[14]
- Best Digital Banking Solution Provider of the Year – Africa Fintech Forum, 2024.[15]
See also
References
- ↑ 1.0 1.1 1.2 "CWG launches financial services hub in partnership with CIT Vericash". Daily Trust. 27 June 2016.
- ↑ 2.0 2.1 2.2 "CWG partners CIT Vericash to launch mobile financial services". Technology Times. 27 June 2016.
- ↑ "CWG, Vericash partner on Digital Banking Summit for MFIs". BusinessDay. 23 August 2022.
- ↑ "Bluechip Technologies and CIT Vericash announce Centre of Excellence partnership" (Press release). Bluechip Technologies. 15 January 2024.
- ↑ "Bluechip Technologies appoints leader to drive CIT Vericash business in East Africa". CIO Africa. 20 March 2024.
- ↑ "Mastercard Engage Partner Directory – CIT Vericash (Egypt)". Mastercard. Retrieved 21 September 2025.
- ↑ "UBA celebrates 10 years of partnership with Vericash". StocksWatch. 5 January 2025.
- ↑ 8.0 8.1 8.2 "UBA–Vericash partnership anniversary announcement". United Bank for Africa. 5 January 2025.
- ↑ 9.0 9.1 Cite error: Invalid
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<ref>tag; no text was provided for refs namedCIOAfrica - ↑ "Excellence in Digital Banking Platforms at Finnovex West Africa". CIT Vericash. 11 January 2024.
- ↑ "VERICASH Wins Best Digital Banking Solution Provider of the Year at Africa Fintech Forum". CIT Vericash. 9 October 2024.
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