LXS supports the group subsidiaries involved in the automation of transactions and applications of increasingly sophisticated card technologies. LXS was created in late 2001 and has established fully operational Electronic Funds Transfer and switching businesses in Zimbabwe, Kenya and Zambia – “The Switch” - along with the requisite support infrastructure and services. Key to the positioning of any successful electronic banking switching, clearing and settlement Company, is its relationships with the central banks and banks in the respective countries in which it operates. Loita, and its group companies, have successfully invested in this area and have set up businesses which require negotiation, investment and development of relationships with local, international and the central bank in the particular region.
LXS has invested in the hardware, software, implementation and maintenance of the processing of The Switches. These switches act as payment hubs from the customer end-user with his/her card, the merchant or ATM machine or other, the transaction and the bank which is effecting the payment. The software used is both proprietary and third party which enables LXS to provide tailor-made solutions to each country and its specificities. LXS has designed, implemented and now manages these electronic transaction & payment processing systems in sometimes the most difficult environments which all lends to the overall group experience in this business practice.
Through LXS's two core divisions; EFT CORP and the Pan African switching businesses:
- LXS is positioned to bring together the most advanced technology capabilities within the group, whilst making use of the coordination and synergistic relationships between these companies and becoming the market leader in developing, and providing advanced products to the Pan - African market,
- LXS objective is to bring advanced technologies not only to the large banking and non-Banking customer but also to the SMEs. In doing so, whole segments of the African customer base, mostly under-served by the large banks, will benefit. LXS prides itself in possessing extensive expertise in financial and banking payment systems, as well as skills in systems integration for complex and large projects.
Electronic banking is widely anticipated to be the next technology explosion on the continent after cellular telephone technology. Electronic Funds Transfers and Payments have been the key to the growth of Electronic Banking in Africa over the past few years.