Focused on displacing cash, the electronic payment solution will deliver a quick, convenient and secure payment alternative for all citizens – instantly. In line with its strategic vision, UBA is introducing innovative payment solutions that meet the needs of people across Africa. The Debit Mastercard card gives the cardholder full control of their funds and provides them with the ability to deposit funds directly from a savings or current account, thereby reflecting all transactions in real time.
“As a group, we are committed to driving financial inclusion and empowering businesses across Africa, and our partnership with Mastercard enables us to deploy safe electronic solutions to the benefit of the entire country,” said Dr. Yinka Adedeji, UBA’s Group Head, Digital Banking. Cameroonians can visit any UBA branch across the country to request the card, and cardholders don’t have to wait days or weeks to receive the card, they will instantly be signed up and can start using the debit card immediately.
The UBA and Mastercard partnership is helping to empower people through access to financial tools, with the launch in Cameroon following the recent rollout in Ghana. The quick go-to-market strategy is ensuring that more people are connected to the formal financial sector, giving them the power to pay for goods and services in-store or online wherever Mastercard is accepted.
The debit card can also be used at any ATM locally, and at millions of ATM locations worldwide. Speaking at the launch ceremony, the Managing Director/CEO, UBA Cameroon, Mr Udom Isong said, “The introduction of the UBA Debit Mastercard into the market will enable our customers to carry out their banking transactions in a safer, more convenient and more reliable manner. Our customers’ needs are changing and as they change, we will continue to adopt smart technology solutions that deliver superior services.”
Omokehinde Adebanjo, Vice President and Area Business Head for West Africa, Mastercard said, “In order to drive financial inclusion we need to ensure all Africans feel confident that their money is secure. The UBA Debit Mastercard introduces the latest global payment standards with EMV Chip and PIN technology embedded into the card making it difficult for fraudsters to duplicate your information.” The chip embedded into the card contains information that is encrypted making it almost impossible for the card to be copied or counterfeited.
The chip card will also have a magnetic stripe on the back, so that cardholders can continue using their cards while merchants are transitioning to new chip-enabled terminals. Cardholders will also be able to select their own PIN, giving them full control to approve transactions at the point of sale or when withdrawing cash from ATMs. Adebanjo also said that both organisations were focused on boosting the financial inclusion across Africa She highlighted that the partnership supported MasterCard’s global commitment to financially empower more people by 2020.
