United Bank for Africa Mozambique (UBA) today announced the launch of the first Mastercard debit card in Mozambique. Focused on displacing cash, the electronic payment solution aims to deliver a secure payment alternative for the Mozambicans – instantly.
In line with the bank’s strategic vision, UBA is introducing innovative payment solutions tailored to meet the needs of its customers across Africa.
With the UBA Mastercard debit card, funds are debited directly from cardholders savings or cheque accounts and reflect in real time. The card also features the latest EMV Chip and PIN payment technology, providing customers with the highest security protection to ensure their money is safe.
“The introduction of the Mastercard debit card in Mozambique will allow our customers to carry out their banking transactions in a safer, more convenient and more reliable way. Our clients’ needs are constantly changing and as they change, we will continue to respond with intelligent technology solutions,” says UBA’s Managing Director, Helder Chambisse.
The bank’s fast go-to-market strategy ensures that more people are connected to the formal financial sector, giving them the power to electronically pay for goods and services at millions of retail locations including supermarkets, restaurants, hotels and online stores in Mozambique and abroad. The debit card can also be used for cash withdrawals and balance enquiries at ATMs locally and in more than 210 countries where Mastercard is accepted.
Mastercard’s partnership with UBA to roll out formal financial products supports Mozambique’s new financial inclusion strategy, which aims to increase access to financial services from 24% to 60% of the population by 2022.
“We share a vision of a world beyond cash, where all people are financially included into the economy,” says Charlton Goredema, Vice President and Area Business Head, Emerging Markets, Southern Africa at Mastercard. “Introducing the first Mastercard in the country is a key milestone for us as we ramp up activity and investment in Mozambique. Importantly, we are also contributing to the financial freedom of individuals.”
All Mozambicans will be able to apply for the Mastercard instantly in any UBA branch without having to wait weeks or months. In the future, citizens will be able to apply for a card electronically through UBA’s website.
Benefits of going cashless:
- Electronic payments help consumers to track and monitor expenditure as it provides a history of transactions being made. This allows cardholders to budget, ultimately helping them to save.
- Carrying cash is also not safe, and puts the consumer at risk of being robbed. If your payment card is stolen, no one else is able to use it as they will not have the security PIN needed to withdraw funds or to pay for items in-store.
- Cardholders are able to not only transact in their home country, but also at millions of acceptance locations across Africa and the rest of the world.