Some banks in the country have intensified measures to push the Bank of Ghana’s agenda of achieving a cashlite economy to propel growth.
The move which is aimed at reducing the use of cash in transactions as much as possible, is also targeted at improving financial inclusion among the informal sector.
To this end, United Bank of Africa (UBA) has launched a master card to afford customers the opportunity to purchase items both inside and outside the country without the use of physical cash.
Speaking to Citi Business News at the launch of UBA MasterCard, the Head of Cards at UBA, Obinna Uma said the move is aimed at making the bank competitive as well as affording customers the convenience of purchasing items without the use of physical cash.
“….We are already competitive what we are just trying to do is to offer more to our customers; that’s what everybody aspires to do if you want to be ahead of competition you ought to have a variety of options for your customers. So this is just our brand promise to give our customers what they want.”
Figures from the Bank of Ghana for instance showed that the volume of transactions via the interbank settlement system increased from 794,282 to 889,709 between 2015 and 2016.
Also, value for transaction increased from 1,032,544 to 1,670,369.46 cedis between the one year period.
About the UBA MasterCard
United Bank for Africa (Ghana) Ltd has announced its partnership with MasterCard to launch Instant Debit cards at all UBA branches.
The UBA Debit MasterCard is an international card that allows customers do transactions at over 1.5 million Automated Teller Machines (ATMs), pay for goods and services at POS Terminals worldwide and carry out secure web transactions.
UBA MasterCard is accepted in over 120 countries and can also be used locally. The card is directly linked to a current or savings account thus all transactions
done are reflected in the customer’s account in real time.
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By: Anita Arthur/citibusinessnews.com