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Norway Registers Development AS, a company managed by IT investment fund INVL Technology AB, is starting activities in Uganda.
Norway Registers Development which owns 30 per cent of Infobank Uganda Limited shares signed Infobank Uganda Limited shareholders agreement on Monday.
According to Rimantas Žylius, Managing director of Norway Registers Development, Infobank Uganda intends to work with different registries which are currently largely paper based, and provide registries information to financial sector clients via electronic system. Innovative solutions will allow businesses to obtain the required information, use remote services to order and receive information, order official documents and use a spectrum of electronic services despite paper based registries being in operation.
Infobank Uganda activities will contribute to the improvement of business climate in Uganda, decrease costs of doing business, simplify and accelerate activities of financial institutions and therefore increase credit availability for businesses.
INVL Technology shares are listed on NASDAQ Vilnius stock exchange.
The largest INVL Technology investments currently are companies in Lithuania, Norway and Tanzania: 100 percent of BAIP, a critical IT infrastructure services company, Microsoft licensing company Acena, Norway Registers Development operating in Norway together with its Lithuanian information systems design and development company NRD as well as its daughter company in Tanzania Norway Registers Development East Africa Ltd, and specialized cyber security company NRD CS.
INVL Technology portfolio companies specialize in business climate improvement reforms, design of the integrated national information systems, resilience of critical IT infrastructure, national cyber security and cyber defense and implement projects in over 50 countries in Central and Eastern Europe, East Africa and other regions.