UBA unveils reloadable prepaid card

United Bank for Africa has introduced a reloadable prepaid card offering customers financial control, convenience and security across Nigeria and 18 African countries where UBA has presence.

The card, accepted at all VISA points, over one million ATMs, 30 million POS/Merchant Terminals in over 179 countries across the world, the bank said in a statement on Tuesday, is the first of its kind in the industry

Among its features, the bank said, is that the prepaid card gives users full control over personal finances as it is not linked to any bank account and therefore attracts no minimum balance.

Commenting on the product, Head, eBanking, UBA Plc, Dr. Adeyinka Adedeji said UBA Prepaid Card “helps customers control spending and be in control of their funds making it ideal for budgeting and travel.. It is also ideal for students and even employees or casual workers who may not have a Bank Account”.

Other key benefits of the card, according to him, include “efficiently allowing customers that cannot get approval for a current account to have access to financial services and deepen financial inclusion; while banked customers can still use the prepaid card to effectively manage their spend to what they have loaded on the Card.. In addition, they can limit their account exposure by using prepaid card online or at locations where they do not trust safety of their information. Travelers can load Naira and be able to spend as much as $40,000 equivalent per annum on the secure card which is protected with the CHIP and PIN technology.”

Elaborating on the new product, Esaie Diei, Head of Prepaid Cards, UBA Plc, said “Prepaid cards are a fast-growing form of providing financial services, facilitating payments. Consumers see the value and convenience of using these cards for a variety of financial needs. It may be used as an alternative to having a bank account for unbanked, as a budgeting tool or way to segment spending, and to make secure online purchases by under-banked and banked customers. The good news is even without a Bank Account, you can have your own Prepaid Card, loaded with Naira and be able to spend in any currency online and anywhere in the world.”

According to him, UBA Prepaid cards come with a low issuance fee adding “there is no charge to load money to the card and customers may do so at UBA branches or via U-Direct and U-Mobile.”

[ Daily Independent ]

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