30 September 2012

Nigeria: Unity Bank Unveils Mastercard Solutions

Unity Bank Plc at the weekend introduced three MasterCard products, which it said were aimed at bringing transaction comfort to customers and supporting the Central Bank of Nigeria's cashless initiative.

One of the solutions, launched in collaboration with MasterCard Worldwide and Interswitch Nigeria, is the Holy Trip MasterCard, a prepaid technology that would enable Muslim and Christian pilgrims pay for goods with ease while on pilgrimage.

The second product is the generic MasterCard Prepaid Card, which helps the cardholder stay in control of finances all over the world, while the third is its existing debit Verve Card, which has now been transformed into a MasterCard Verve Debit Card and fortified to perform multi-functional services.

Speaking at the unveiling in Abuja, Executive Director, Central, Mr. Tanko Mohammed, said the three card variants were set to renew what had been done in the past, adding that the bank had resolved to partner with government to ensure that Nigeria achieves FSS2020.

According to him, "It is to give our customers the opportunity to follow the global trend where transactions have gone electronic. It will give our customers the opportunity to transact business through electronic channels instead of the use of cash."

Country Manager, MasterCard, Omokehinde Ojomuyide, said the bank's introduction of the new payment channels presented a new dawn for business excellence and urged pilgrims to take advantage of the Holy Trip MasterCard.

She said, "Nigeria is one country where we want to battle cash and any bank that wants to do it, we will support. Our vision is a world beyond cash and so anyone that wants to do that, we will partner with them. We are pleased with Unity Bank and endorse all three products."

One of the unique features of the Holy Trip MasterCard is that it can be used by both customers who do not have accounts with the bank as well as that have accounts with it.

The products would also allow for transaction in both local and international currencies.

Tanko said Unity Bank had now joined the league of MasterCard Principal Members Bank worldwide, which empowers the bank to sponsor other banks in Nigeria who may desire affiliate membership license from MasterCard worldwide.

Director Payment, Infrastructure and Processing of Interswitch, Akeem Lawal, said the bank had attained a milestone position as one of the serious players in electronic payment system in the country.

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