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December 10, 2014

MasterCard Europe grants SafeCharge approval for Issuing Activity

SafeCharge (AIM: SCH), a leader in advanced payment technologies, today announces 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.

Additionally, 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.”

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SafeCharge Limited is an Electronic Money Institution authorised and regulated by the Central Bank of Cyprus and is a principal member of Mastercard, Visa and Unionpay International (CUP). SafeCharge Financial Services Limited is authorised and regulated by the Financial Conduct Authority as a Payment Institution. Both SafeCharge companies are wholly owned by SafeCharge International Group Limited.