New Contract Award: Security System for leading Banking Group

US$300,000 Security System installed for leading West African Banking Group.

Westminster Group plc, the AIM listed supplier of system solutions and products to the security, defence, fire protection and safety markets worldwide, announces that it has been awarded a new contract by one of West Africa’s leading banking groups, Ecobank, with an initial value of US$300,000.

Ecobank is the leading independent regional banking group in West and Central Africa, serving wholesale and retail customers. It has a network of over 350 branches across 18 countries throughout West Africa. The award follows the success of a pilot installation of Westminster’s banking security system in one of Ecobank’s principal offices in Accra, the capital of Ghana. During the first week of operation, the system identified a major suspect transaction which led to the successful recovery of substantial funds. Thanks to the immediate success of the pilot installation, this contract has been awarded to roll out the integrated system to a further 6 branches in Ghana. Each of the six branches will be fitted with advanced integrated intruder detection and surveillance systems, all networked and capable of being monitored centrally from Ecobank’s headquarters.

It is Ecobank’s intention that Westminster will install the system throughout its entire branch network.

Commenting on the contract award, Peter Fowler, Chief Executive of Westminster Group, said:

"We see great opportunities for Westminster in the African, Asian and Middle Eastern markets. Our strategy of providing consultancy advice and technical support at a local level through our international agency network will, we believe, enable us to generate significant additional revenues from these regions. In this particular case, the potential to supply the system to Ecobank’s entire branch network including ongoing maintenance and technical support would substantially boost our recurring revenues".