UBA introduces first Mastercard Debit card in Zambia
United Bank for Africa Zambia (UBA) has launched the first Mastercard debit card in Zambia to financially empower its citizens. Focused on displacing cash, the electronic payment solution will deliver a quick, convenient and secure payment alternative for citizens – instantly.
In line with the bank’s strategic vision, UBA is introducing innovative payment solutions tailored to meet the needs of its customers across Africa. With the UBA Mastercard debit card, cardholders have full control of their finances as funds are debited directly from their savings or cheque accounts and reflect in real time.
The card also features the latest EMV Chip and PIN payment technology, providing customers with the highest security protection to ensure their money is safe.
“The introduction of the UBA Mastercard debit card 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,” says Emeka Dimanochie, Managing Director and CEO of UBA Zambia.
The UBA and Mastercard partnership is helping to empower people through access to financial tools, with the launch in Zambia following the recent rollout in other African markets.
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.
Mastercard’s partnership with UBA to roll out formal financial products also supports Zambia’s National Financial Inclusion Strategy 2017 to 2022, which aims to increase financial inclusion from 59 percent to 80 percent in 2022.
“We share a vision of a world beyond cash, where all people are financially included into the economy,” says Charlton Goredema, Vice President and Area Business Head, Emerging Markets, Southern Africa at Mastercard. “Introducing the first Mastercard in the country is a key milestone for us as we ramp up activity and investment in Zambia. Importantly, we are also contributing to the financial freedom of individuals.”
Zambians can visit any UBA branch to request the card. They will instantly receive a card, and be able to use it immediately. 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.