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CIT Vericash
TypeDivision
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
Websitecitvericash.com

CIT Vericash is a fintech platform and a division of CIT Global, a Canadian information technology company based in Toronto. Established in 2011, it supplies a configurable digital financial services platform to banks, mobile network operators and other financial institutions, principally in Africa and the Middle East.[1][2][3]

History

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CIT Global was founded in Toronto, Canada, in 1993 by Ashraf Zaki. The firm expanded into Montreal and London between 1993 and 1996, shifted towards Internet and e-commerce work from 1996, and in 1997 was acquired by an international engineering conglomerate, establishing a development centre in Cairo, Egypt.[4]

In April 2000 CIT Canada Inc. and its subsidiary CIT Egypt Inc. were acquired by Silverline Technologies, an information technology services company then listed on the New York Stock Exchange.[5][6] Under Silverline the business operated as the CIT ePayment Division, with development centres in Toronto and Cairo.[7] During this period it worked with the Toronto payments-software firm Oasis Technology and the card manufacturer G&D on an internet banking product,[8] joined the Solstice Alliance smart card group alongside Ingenico and Cardis,[9] and built the OB10 electronic-invoicing platform for Open Business Exchange using its Cairo centre.[10]

CIT Global established CIT Vericash as a fintech division in 2011 with a mandate to develop and deploy digital financial services infrastructure for institutional clients.[2]

The mobile banking application built on the Vericash platform for United Bank for Africa was first released in July 2015.[11] In 2025 United Bank for Africa marked ten years of the partnership.[12]

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.[13][14][15][16][17]

In 2024 the Kenyan systems integrator Bluechip Technologies appointed a business-development director to lead its CIT Vericash business in East Africa.[18][19]

Platform and services

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CIT Vericash focuses on financial inclusion and digital transformation in emerging markets, with the majority of its deployments concentrated across African markets.[1][20] 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.[21]

References

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  1. 1 2 "CIT Vericash". 4 December 2011. Retrieved 2026-07-21 – via Internet Archive.
  2. 1 2 "CIT Vericash - partner listing". Mastercard Engage. Retrieved 2026-07-21.
  3. ↑ "CIT Global Appoints ME Management". Arab News. 2005-06-14. Retrieved 2026-08-05.
  4. ↑ "What is the CIT Story?". CIT. 13 April 2001. Retrieved 2026-07-21 – via Internet Archive.
  5. ↑ Silverline Technologies Ltd (16 July 2001). "Form 20-F". EDGAR. U.S. Securities and Exchange Commission. Retrieved 2026-07-21.
  6. ↑ Silverline Technologies Ltd (20 June 2000). "Form 424B4". EDGAR. U.S. Securities and Exchange Commission. Retrieved 2026-07-21.
  7. ↑ "Silverline Expands Middle East Presence with Opening of Dubai Business Office" (PDF). 14 October 2001. Retrieved 5 August 2026.
  8. ↑ "Secure Smart Card Technology for Internet Banking Introduced by Oasis, G&D SCS" (PDF). 22 August 2000. Retrieved 5 August 2026.
  9. ↑ "Solstice Alliance announcement" (PDF) (Press release). 9 May 2001. Retrieved 2026-07-21 – via Internet Archive.
  10. ↑ "CIT builds OB10 platform" (PDF) (Press release). 14 August 2001. Retrieved 2026-07-21 – via Internet Archive.
  11. ↑ "UBA Mobile Banking". App Store. Apple. Retrieved 2026-07-21.
  12. ↑ "UBA Rewards Customers as it Celebrates 10 Years of Digital Partnership Success with Vericash" (Press release). United Bank for Africa. 30 July 2025. Retrieved 2026-07-21.
  13. ↑ "CWG Mobile Financial Services Hub Goes Live". Nigeria CommunicationsWeek. 30 January 2016. Retrieved 2026-07-21.
  14. ↑ "CWG mobile financial services hub goes live". Communications Africa. 2 February 2016. Retrieved 2026-07-21.
  15. ↑ Kafoi, Success (18 April 2016). "CWG, Vericash eye mobile financial services stakes with platform launch". Technology Times. Retrieved 2026-07-21.
  16. ↑ Annual Report and Financial Statements 2020, note 17 (Report). CWG Plc. 2021.
  17. ↑ Amos, Kobor (2016-02-04). "CWG Mobile Financial Services Hub Goes Live". The Guardian Nigeria News - Nigeria and World News. Retrieved 2026-08-05.
  18. ↑ Namunwa, Kevin (13 August 2024). "Jerry Shikhule appointed BD Director at Bluechip Technologies". CIO Africa. Retrieved 2026-07-21.
  19. ↑ "Jerry Shikhule Named BD Director at Bluechip Technologies – Hakuna Matata Media". 2024-08-13. Retrieved 2026-08-05.
  20. ↑ "UBA, VERICASH: Championing Africa's Digital Banking Revolution – THISDAYLIVE". Retrieved 2026-08-05.
  21. ↑ "Nigeria: Banks, Telcos to Ride On CWG Mobile Financial Services Platform". 12 February 2016.
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