Africas leading resource for digital financial services
Tanzania: Pre-Paid Visa Card Launched to Boost Cash-Less Transactions
Regenc Innovation Solution and UBA Tanzania yesterday signed a Memorandum of Understanding (MoU) to offer pre-paid visa cards throughout Africa starting with Tanzania.
This was announced in Dar es Salaam yesterday by Regency Innovation Solutions Managing Director, Mr Mike Raymond, during a press conference to launch the Mimosa Black Card, a pre-paid visa card.
The new Prepaid Visa Card allows clients to deposit and access their funds without the need of a bank account. "We are delighted to be partnering with UBA Tanzania in this innovative expansion which begins here in Tanzania.
Our goal is to bring safe and reliable banking solutions to our clients," Mr Raymond said. The Mimosa Black Card is a modern product that is not only secure and convenient but provides access to a host of services and rewards to its clients.
It also creates greater financial inclusion in the country especially because the card is directly linked to all mobile money services. Mr Raymond added that the new Pre-Paid Visa card is similar to a normal debit card but unique because it is not linked to the client's bank account, making it cheaper and easier to use and reload.
He said the users of Mimosa Black Card can withdraw from any visa ATM, makes cashless payments at any point of sales terminals and also make safe and secure online payments on all e-commerce merchants.
"Tanzania already has the technological basis to become a cashless society. With our pre-paid cards we encourage our clients to embrace a cashless lifestyle. Clients will also receive various discounts at several outlets not only in Tanzania but in Africa and eventually around the world," he explained.
He added that clients could qualify for the instant emergency fund feature of up to one million at zero per cent interest. UBA Tanzania Acting Head of Electronic Banking, Mr Tesha Philemon, said one of their key goals in Tanzania is to change the way people bank by targeting the unbanked through innovative technology solutions.
"We believe the partnership will go long way in reaching the unbanked and creating greater financial inclusion in Tanzania and throughout Africa," he said.
Tanzania is the first country in which this partnership will begin its expansion. Regency Innovation Solutions already has pending projects in Zambia and Uganda and plans to undertake a massive change in ID cards issuance by launching corporate Visa IDs for students and corporate institutions.
SOURCE:TANZANIA DAILY NEWS
comments