Centenary Bank, the largest commercial microfinance bank in Uganda has today launched the new CenteVisa Prepaid card to facilitate cashless payments and enhance its service offering on the digital banking front. This was at the bank’s Head Office, at Mapeera House in Kampala.
During the launch, Centenary Bank Managing Director, Fabian Kasi explained that the CenteVisa Prepaid is an addition to the bank’s Visa Card payment solutions aimed at offering both existing bank customers and the public more options to perform cashless transactions, conveniently.
How does the card work?
Kasi noted that, “One does not need to have an account with Centenary Bank to acquire the CenteVisa Prepaid Card, because it is not linked to any bank account.
Therefore, cards will be issued to both our customers and other individuals who have the desire to go cashless and are above 18 years old.”
He further highlighted that prepaid card holders will be able to use their cards to pay for items at supermarkets, buy fuel, and shop online with convenience, adding that;
“What is required is for one to pre-load the money on the card, in advance, which they can then spend any time, and wherever Visa is accepted.
The CenteVisa Prepaid card comes with several benefits including the following:
- No monthly fees
- Instant transaction alerts
- 24/7 access to your funds
- No need to carry cash. Just deposit the funds on the card and pay at your convenience.
- Card is secured by Visa for online payments
- Easy to load money
What spurred this new product?
“The needs of our customers are paramount, and it is for this very reason that we are always working to innovate and offer appropriate solutions to enhance their banking experience in a safe and secure manner with the help of technology.
This is evident with the range of digital banking solutions we have made available to our customers over the years,” concluded Kasi.
According to the 2020 Quarterly Financial Stability Review by the Bank of Uganda, the value of payments made using debit cards increased from UGX 670.3 billion in 2019 to approximately UGX 3.2 trillion in 2020.
The exponential growth is partly attributed to actions taken by players in the financial sector including the promotion of the usage of cashless transactions as a measure to reduce the risk of COVID-19 transmission to customers and the public.
Ms. Salma Ingabire, the Country Director, Visa Uganda commented that, “Visa is committed to delivering secure, convenient, and trusted payment solutions to all and leading the growth of electronic payments worldwide,” adding that;
“We are delighted to partner with Centenary Bank to offer the Visa Prepaid card services where the bank’s existing customers and the public can enjoy an apt banking experience, a development that is in line with our commitment to promote cashless transactions and deepen financial inclusion across the country.”
For one to acquire a CenteVisa Prepaid Card, you will need a valid National identification, one colored passport size photo and make a minimum initial card loading deposit amount of UGX 50,000, and after filling a short form, you will walk away with your card instantly activated card.