Speaking at the launching ceremony at a Dar es Salaam hotel over the weekend, the bank’s Managing Director, Mr Daniel Addo, said that the launch of the VISA Prepaid card is consistent with the bank’s strategic focus of extending its financial services to the under-bank and non banking Tanzanian public.
Africard is a bank card that is designed for both customers and non-customers of the bank and eliminates the need to carry large sums of cash and associated security risks.Earlier, the Chairman of the Board of United Bank for Africa Tanzania Limited, Robert Mboma and Chief Executive Officer of United Bank for Africa Gabriel Edgal noted that the card which can be used by both account holders and those without a bank account for shopping, travel and transfer is internationally accepted in all Visa acceptance points.
“It is a Tanzanian Shillings denominated card that is pre-funded and reloadable. It is internationally accepted in all Visa points and can be used for ATM, POS and web transactions. Indeed the UBA Africard is pin protected with chip technology for enhanced security,” Edgal said.
According to him, holders of Africard Visa prepaid card enjoy several other benefits including loading a maximum of 20m/- per day while maximum daily withdrawal limit is 5m/- on ATM.Finance and Economic Affairs Minister Dr William Mgimwa, speaking at the launching ceremony, said: “The introduction of this product at this time supports our strategy of migrating from cash transactions to electronic payments and collections as well as facilitating financial inclusion for the people of Tanzania.”