The United Bank for Africa Plc (UBA) at the weekend announced the introduction of the MasterCard Verve debit cards.
The bank in a statement, said that the product was introduced for the convenience of its customers, even as it said that the move was in line with its commitment to offer "best-in-class" e-products and payment services."
The UBA MasterCard Verve, according to the commercial bank, is a naira-linked Debit card that works on all Automated Teller Machines (ATMs), Point of Sale (PoS ) terminals, and internet payment platforms. It also explained that the product provides cardholders the benefit of spending up to $40,000 or equivalent of their local currencies per year anywhere in the world.
Divisional Head, e-Banking, UBA, Dr. Yinka Adedeji, said: "UBA, with the introduction of UBA MasterCard Verve, has continued to innovate and improve on service delivery for the convenience to its customers.
"With UBA MasterCard Verve customers do not need to change their local currency to any foreign currency on the streets any longer whenever they plan to travel either for business or whenever you travel outside Nigeria to any location in Africa, Europe, Americas, Asia or anywhere around the world. The MasterCard Verve allows you to spend up to $40,000 or equivalent per year."
According to him, UBA MasterCard Verve can be linked to a naira account only and could be used for purchases on local and international websites such as Apple, Amazon, among others.
"Besides, the card is accepted at over 30 million merchant locations worldwide while other value added services include Bill Payments (DSTV, PHCN) and mobile recharge top-up," he further explained.
The UBA official also said the introduction of the MasterCard Verve by the bank would boost the cash-lite initiative of the Central Bank of Nigeria by strengthening the protection against fraudulent activities.
Adedeji added: "Applicable limits have been put in place for customers' transactions within 24 hours in order to protect them from card-related fraud. However, any customer who desires to change any of these advised limits to suit a peculiar profile can visit the nearest UBA branch to fill a Debit Card Limit Increase form.
UBA is one of Africa's leading financial institutions offering services to more than seven million customers across 750 branches and over 2000 ATMs in 19 African countries."