Tanzania: Equity Bank New Product Enhances Financial Services

DIGITAL technology has continued to transform the country's financial sector, with first introduction of USD-denominated Visa Debit Card in the local market, on Wednesday.

The Equity Bank Tanzania Limited introduced the card in Dar es Salaam, targeting to provide convenience and affordability to the bank's customers, who are looking to make purchases online or trade using the USD currency.

The launch comes in the wake of shifting trends in e-commerce with more businesses opting for online transactions, especially as a result of the Covid-19 disruptions.

The Gold-rated card is the first of its kind in the market and it allows customers to pay goods and services in USD currency without incurring any charges.

It will help customers to transact within their budget.

Equity Bank's Managing Director Robert Kiboti said the card offers an affordable and secure solution to the customer and will go a long way in providing the much-needed convenience for customers and stimulate the growth of e-commerce.

"The VISA USD Debit Card allows customers to pay for goods or services in USD at the exact indicated amounts. This means that if you are paying for the product going for 10 US dollars using the card, only 10 US dollars will be deducted from your account - no other charges," Mr Kiboti explained.

Elaborating, he said the VISA USD Debit Card is uniquely and has a PayWave capability, allowing customers to 'tap and go' for small purchases.

Visa PayWave is a contactless payment technology that allows users to pay with just a wave of their card or device.

It uses an embedded computer chip to send the payment information to a secure reader at the point of sale.

"The card has a chip and PIN functionality, making it safe and secures to use," the Head of Payments Mr Kenneth Wakati affirms.

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