United Bank for Africa (UBA) rolls out new cashless payment option. The new Debit Mastercard card allows customers to perform transactions at their 11 Automated Teller Machines (ATMs) countrywide, pay for goods and services and also carry out secure web transactions in a smarter, quicker and faster way.
UBA has introduced the debit solution in support of the Bank of Uganda’s 2012 to 2017 Strategic Plan, which outlines initiatives that will help improve financial inclusion in Uganda with focus on innovation, reducing the gaps in financial education and the importance of protecting consumers.
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.
Customers can visit any UBA branch across the country to request the card, and they 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 Uganda following recent launches in Ghana and Cameroon. 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, Johnson Agoreyo, the Managing Director/CEO, UBA Uganda 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.”
Chris Bwakira, Vice President and Area Business Head for East 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 also has 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.
Bwakira said both organisations are focused on boosting the financial inclusion across Africa. He highlighted that the partnership supported the Mastercard global commitment to financially empower more people by 2020.
Financial inclusion is essential to ensuring the economic growth of Uganda and the partnership aims to successfully integrate the country into the global financial system.
Furthermore, the partnership falls directly in line with Bank of Uganda Financial Inclusion Project to improve financial inclusion through innovation.
Customers will now be able to apply for the Mastercard debit card instantly at any UBA branch without having to wait weeks or months, and in the future, the debit card will be available electronically through the UBA website.