Company:CIT Vericash

From HandWiki
CIT Vericash
TypePrivate
IndustryFintech
Founded2011 (2011)
FounderAshraf Zaki
HeadquartersToronto, Ontario, Canada
Area served
Africa, Middle East
Key people
Ashraf Zaki (Executive Chairman)
ProductsDigital banking, mobile wallet, payment systems, agency banking
ParentCIT Global
Websitewww.citvericash.com

CIT VERICASH is a fintech platform and a division of CIT Global, an international eCommerce and mCommerce company based in Toronto, Canada.[1][2] The company specializes in providing a configurable digital financial services platform to banks, Mobile Money Operators (MMOs), financial institutions, Telecoms, and fintech companies, with a focus on emerging markets across Africa.[3][4]

History

CIT Global was founded in Toronto in 1993 by Ashraf Zaki.[1][5] In 2011, the group established the CIT VERICASH fintech enablement division with a mandate to develop and deploy digital financial services infrastructure for institutional clients.[5] In July 2015, the mobile banking application built in partnership with the Vericash platform for United Bank for Africa was first released.[6]

In June 2015 the chief executive of the Nigerian systems integrator Computer Warehouse Group (CWG), Austin Okere, told the company's annual general meeting that its "Mobile Financial Services partnership with CIT Vericash is set to power the mobile financial services of one of the largest banks in Nigeria", with Africa-wide deployment planned. The resulting mobile banking application for United Bank for Africa (UBA), marketed as U-Mobile, carries a 2015 CIT VERICASH copyright notice.[7]

In January 2016, the Nigerian IT company CWG Plc launched the "CWG Vericash Hub", a mobile financial services platform hosted in CWG's Lagos data centre and built on the Vericash software. It also supported U-Mobile, a mobile banking product of United Bank for Africa.[8][4][9] As of 2026, the company reported an operational presence in more than 25 markets across the continent.[10]

In 2024 the Kenyan systems integrator Bluechip Technologies appointed a business-development director to lead its CIT VERICASH business in East Africa.[11][12] In 2024, CIT VERICASH partnered with Bluechip Technologies, a regional systems integrator, to support the rollout of digital banking, mobile wallet, and payment solutions across East Africa.[2]

In 2025, CIT VERICASH and CWG Plc marked ten years of collaboration with United Bank for Africa (UBA), supporting the development and expansion of the bank’s mobile banking platform across African markets.[13][14]

Overview

CIT VERICASH develops and operates the VERICASH Fintech Enablement Platform, described as a centralized, configurable system designed to support the creation, deployment, and management of digital banking services.[15] The platform is structured as a low-code and no-code environment designed to reduce time-to-market for financial institutions launching digital products. The platform is designed for use across multiple channels, including mobile applications, web interfaces, USSD services, and agent banking networks.[16] Regional operational offices are located in Lagos, Nigeria and Nairobi, Kenya, with an Africa Centre of Excellence headquartered in the Nasr City Free Zone, Cairo, Egypt.[1]

The company also supports international cross-border financial service corridors.[15][16]

See also

References

  1. ↑ 1.0 1.1 1.2 "CIT Global". https://www.citglobal.com. 
  2. ↑ 2.0 2.1 "Bluechip Technologies and CIT Vericash Forge Strategic Alliance To Transform East Africa's Financial Landscape" (Press release). Bluechip Technologies. 6 April 2024. Retrieved 21 August 2026.
  3. ↑ Tokede, Kayode (16 July 2025). "Digital Partnership: UBA Rewards Customers with VERiCASH". This Day. https://www.thisdaylive.com/2025/07/16/digital-partnership-uba-rewards-customers-with-vericash/. 
  4. ↑ 4.0 4.1 Onwuegbuchi, Chike (5 February 2016). "CWG Mobile Financial Services Hub Goes Live". The Guardian (Lagos). https://guardian.ng/business-services/cwg-mobile-financial-services-hub-goes-live/. 
  5. ↑ 5.0 5.1 "CIT Global Appoints ME Management". Arab News. 14 June 2005. https://www.arabnews.com/node/268479. 
  6. ↑ "CWG 2.0 Business Model begins Yielding Fruit in H2 2015". Nigeria CommunicationsWeek. 29 June 2015. https://www.nigeriacommunicationsweek.com.ng/cwg-2-0-business-model-begins-yielding-fruit-in-h2-2015/. 
  7. ↑ "UBA Mobile Banking". Apple App Store. https://apps.apple.com/us/app/uba-mobile-banking/id1000669926. "© 2015, CIT VERiCASH" 
  8. ↑ "CWG Mobile Financial Services Hub Goes Live". Nigeria CommunicationsWeek. 30 January 2016. https://www.nigeriacommunicationsweek.com.ng/cwg-mobile-financial-services-hub-goes-live/. 
  9. ↑ "CWG mobile financial services hub goes live". Communications Africa. 2 February 2016. https://communicationsafrica.com/commerce/cwg-mobile-financial-services-hub-goes-live. 
  10. ↑ Nurudeen, Nahimah Ajikanle (12 February 2016). "Nigeria: Banks, Telcos to Ride On CWG Mobile Financial Services Platform". Daily Trust (Abuja). https://allafrica.com/stories/201602150427.html. 
  11. ↑ Namunwa, Kevin (13 August 2024). "Jerry Shikhule Appointed BD Director At Bluechip Technologies". CIO Africa. https://cioafrica.co/jerry-shikule-appointed-bd-director-at-bluechip-technologies/. 
  12. ↑ "Jerry Shikhule Named BD Director at Bluechip Technologies". Hakuna Matata Media. 13 August 2024. https://hakunamatatamedia.com/2024/08/13/jerry-shikhule-named-bd-director-at-bluechip-technologies/. 
  13. ↑ Opoku, Asamoah George (24 December 2025). "A Decade of Digital Banking Excellence: How UBA, CWG, and Vericash Are Redefining Finance in Africa". The High Street Journal. https://thehighstreetjournal.com/a-decade-of-digital-banking-excellence-how-uba-cwg-and-vericash-are-redefining-finance-in-africa/. 
  14. ↑ Partner (28 January 2026). "How a decade-long partnership helped build one of Africa's most used banking apps". TechCabal. https://techcabal.com/2026/01/28/how-a-decade-long-partnership-helped-build-one-of-africas-most-used-banking-apps/. 
  15. ↑ 15.0 15.1 "GFM Review announces the winner of its prestigious industry award for 1st Week of December 2025" (Press release). Global Financial Market Review. 5 December 2025. Retrieved 21 August 2026.
  16. ↑ 16.0 16.1 NM Partners (1 May 2026). "Three Industry Awards Recognize the Strategic Impact of the VERICASH Fintech Enablement Platform". Nairametrics. https://nairametrics.com/2026/05/01/three-industry-awards-recognize-the-strategic-impact-of-the-vericash-fintech-enablement-platform/. 



Retrieved from "https://handwiki.org/wiki/index.php?title=Company:CIT_Vericash&oldid=4643486"