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UBA Introduces MasterCard for Domiciliary Accounts

By on February 5, 2013

As part of its support for the Central Bank of Nigeria’s (CBN’s) cashless policy, United Bank for Africa (UBA) Plc Monday said it had added MasterCard for domiciliary accounts to its bouquet of electronic products.

A statement from the bank said the product would ease the transaction needs of its customers as they could now upgrade their Debit MasterCard for use on accounts denominated in currencies such as dollar, British Pounds (GBP) and Euro.
“This variant of UBA’s Debit MasterCard products is tied to domiciliary accounts instead of naira current or savings account. It offers the same flexibility of usage anywhere in the world, including Nigeria.

“When a transaction is carried out with the dollar, GBP or Euro MasterCard, the customer’s account is debited in dollars, Pounds or Euro depending on the currency of the domiciliary account. The Debit MasterCard product is unique as it offers the Customer the opportunity to spend from his or her domiciliary account,” the bank explained.

Divisional Head, E-Banking, UBA, Dr. Yinka Adedeji, said: “UBA MasterCard is accepted locally and internationally at all MasterCard merchants’ outlets and on over one million Automated Teller Machines (ATMs), 30 million Point of Sale (POS) merchant terminals in over 210 countries across the world.

“It can also be used on the internet and other merchant outlets worldwide. To operate the MasterCard for domiciliary account, the customer must have an active Domiciliary account with UBA in dollars, Pounds or Euro.”

Other benefits of the card include the opportunity to spend more than $40,000 in a year without restriction by the regulatory cap of $40,000 on naira debit MasterCard.

“The card is protected with the chip and PIN technology guaranteeing utmost security. Additionally Customers’ transactions are protected with UBA One-Time-Password when doing transactions on the internet locally and with MasterCard Secure Code when the transactions are done on websites hosted outside Nigeria,” the bank said further.