FBC Bank last week introduced a MasterCard tailor-made to provide a convenient payment platform for Association of Certified and Chartered Accountants students and members in Zimbabwe. The co-branded FBC-ACCA Mastercard would allow clients to pay tuition and subscription fees on- line across the world without having to visit the banks.
FBC Card Centre senior manager Ms Tabitha Madzikanda said the card can be used at over 33 million merchant outlets and over 1,3 million ATMs that accept MasterCard worldwide, as well as all points of sale terminals across the world. She said cardholders can enjoy discounts at selected major local hotels, such as RTG, and can also pay and shop using their FBC-ACCA MasterCard prepaid card.
"It works just like any other international MasterCard. It is instant. You do not need to have an account with FBC Bank. You just walk in and out with your card. You do not need to wait until the card is produced.
"The card is there. You only need to sign up and load in your US$20. Of this amount, US$10 goes for the card, the other US$10 you can use as soon as you come out of the bank. The card gives students convenience. We partnered ACCA because we realised that they are having issues in terms of payments."
Ms Madzikanda said they were working with other partners, such as stationery suppliers, to ensure that cardholders enjoy more convenience and benefits.
FBC Bank retail and e-commerce executive director Mr Agrippa Mugwagwa said the bank partnered ACCA to give its students the convenience they require.
"At FBC Bank, we have what we call multi-channel distribution, which ensures that whichever channel you prefer we offer you products that ensure you can transact on that channel.
"We have ATM cards, mobile platform, internet and soon we will be launching what we call V-payment. V-payment is a gateway that allows customers to acquire transactions online," he said.
Speaking at the launch, MasterCard International vice-president and marketing manager in charge of Southern Africa, Mr Charlton Goredema, said a recent study revealed that there was a link between the usage of cards as a payment system and economic growth.
"The study suggests that the real Gross Domestic Product grew by an extra 0,2 percent a year on average, beyond what it would have without card usage," he said.
MasterCard is a global payments technology partner with stakeholders across the world. The company aims to develop innovative payment solutions tailor-made to help develop cashless economies for more financial inclusion.
Mr Goredema said MasterCard was working to ensure cashless economies in Africa and that had proved a success in Nigeria and Kenya where people have been able to experience the convenience and security that the prepaid card offers clients.
ACCA services manager Mr Cuthbert Munhupedzi said ACCA Zimbabwe sought partnerships with outstanding institutions to improve the way they do business and also to develop the accountancy profession.
"One such initiative is the ACCA-FBC prepaid MasterCard. We are proud of this relationship because it provides a solution for our students and members," he said.