Going Cashless in Cameroon has been made easy with the launch of the Debit MasterCard the new born baby of the United Bank For Africa, UBA.
In an event to officially present the new product to the Press held in Douala, Cameroons economic capital on May 18, 2017 the CEO of UBA Cameroon, Isong Udom said the UBA Debit MasterCard has come to financially empower all citizens with focus on displacing cash, the electronic payment solution will deliver a quick, convenient and secure payment alternative for all citizens – instantly.
He concluded that “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.”
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.
Presenting the technical part of the UBA Debit MasterCard, Tsimene Gides, Head of Digital Banking and Sales, UBA Cameroon said it is an international Card which permits holder to make withdrawals and payments of services online 24/7.
Omokehinde Adebanjo, Vice President and Area Business Head for West 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 will also have 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.
The MasterCard is being used by 210 countries in the world with 30 million subscribers. With the UBA MasterCard in Cameroon payments and withdrawals can be done at the limit of FCFA 500,000. Payments can be done for at most 20 times a day and withdrawal 5 times a day.
UBA charges card holder FCFA 15,000 per year with an equivalence of FCFA 1250 per month.
Cameroonians can visit any UBA branch across the country to request the card, and cardholders 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.
UBA Cameroon is highly regarded for its innovation in the banking sector in the country, helping to build a strong reputation across Africa. In 2015, UBA Cameroon become the first bank in Africa to win the ‘Prepaid Card Innovation of the Year’ and has also received The Bankers’ Magazine Bank of the Year Award, four times.
UBA Cameroon since 2007 is present in 6 regions with 18 branches with a customer base of 100,000.