SafeCharge gets green light to issue prepaid MasterCard products

Payments services, risk management and IT solutions provider SafeCharge International Group Limited, (AIM: SCH) has today announced via the London Stock Exchange that the Group has been granted approval for Issuing Activity from MasterCard Europe.

The approval by MasterCard Europe, which is an extension of the Company’s Principal Membership, will allow SafeCharge to issue pre-paid MasterCard products.

mastercard pre paid cardsAdditionally, the Company has appointed Ali Farid Khwaja CFA as Executive Vice President of its new Card Issuing Division. Mr Khwaja, who will join the Company in February 2015, is formerly a Financial Technology Analyst at Berenberg, where he specialised in the payments space. Prior to Berenberg, Ali was responsible for investments in emerging markets and a Technology Analyst at UBS. He is a graduate of Oxford University where he was a Rhodes Scholar.

David Avgi, SafeCharge’s Chief Executive, said: “The extension of our MasterCard Principal Membership is another achievement for SafeCharge. The approval enables us to issue our own and co-branded pre-paid cards and is a significant step in building a new pillar to our business. We are excited to be continuing to expand our product offering, entering into a new and large market sector and to welcome Ali to drive its growth.”

SafeCharge’s upward direction has been spurred by its high value public listing earlier this year, in which the firm made its corporate stock publicly available on London’s Alternative Investment Market, raising $126 million.

For the full report from London Stock Exchange, click here.

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