Virtual Galaxy Infotech Limited (VGIL) has recently announced a significant development, bagging a prestigious order that marks a crucial step in its global expansion strategy. The company informed the Exchange about securing a contract for the design, development, customization, implementation, and maintenance of a comprehensive Mobile Wallet & QR Payment Solution.
This landmark agreement is with Entire Office Systems Private Limited, an international partner, and focuses on the dynamic market of Zimbabwe. Under the terms, VGIL will develop a cutting-edge solution aimed at revolutionizing digital transactions within the country. A key aspect of the project involves integrating this solution with local banks to enable seamless RTGS (Real Time Gross Settlement) and ZIPIT (Zimbabwe Interbank Payment Interchange Technology) functionalities. This integration, however, is contingent upon Entire Office Systems Private Limited securing the necessary memberships, approvals, and settlement arrangements from the Reserve Bank of Zimbabwe (RBZ), ZimSwitch, and other applicable payment systems.
The contract is not just technologically significant but also financially robust. It boasts an aggregate value of USD 550,000, comprising a one-time implementation fee along with an annual recurring platform fee over an initial fixed term of three years. This recurring revenue stream provides excellent visibility and stability for VGIL. Upon expiry of the initial term, the agreement can be renewed on mutually agreed terms, signaling potential for long-term engagement.
This deal underscores VGIL’s growing expertise in advanced fintech solutions and its commitment to tapping into emerging markets. With the global surge in digital payment adoption, this venture into Zimbabwe positions VGIL at the forefront of financial innovation, promising exciting growth prospects for the company.