VENTURES AFRICA – Pan-African Bank, United Bank for Africa (UBA) Plc has added MasterCard for its domiciliary accounts to its bouquet of electronic products, in support of the Central Bank of Nigeria’s cash-less initiative, which supports the use of electronic transfer to limit the amount of cash carried around by individuals.
According to a statement released by the company, the introduction of MasterCard for its domiciliary account will ease the transaction need of its customers who can now upgrade their Debit MasterCard for use on accounts denominated in currencies apart from Naira such as US Dollars, British Pounds and Euro.
“This variant of UBA’s Debit MasterCard products is tied to domiciliary accounts instead of Naira Current or Savings account. It offers the same flexibility of usage anywhere in the world, including Nigeria. ”
It stated further that “The card is protected with the chip and PIN technology guaranteeing utmost security. Additionally Customers’ transactions are protected with UBA One-Time-Password when doing transactions on the internet locally and with MasterCard Secure Code when the transactions are done on websites hosted outside Nigeria,” the bank said further.”
The Bank explained that “When a transaction is carried out with the USD, GBP or Euro MasterCard, the Customer’s account is debited in Dollars, Pounds or Euro depending on the currency of the Domiciliary account. The Debit MasterCard product is unique as it offers the Customer the opportunity to spend from his or her domiciliary account” the bank noted.
UBA Divisional Head, E-Banking, Yinka Adedeji said, “UBA MasterCard is accepted locally and internationally at all MasterCard merchants’ outlets and on over one million Automated Teller Machines, 30 million Point of Sale/merchant terminals in over 210 countries across the world. It can also be used on the Internet and other merchant outlets worldwide. To operate the MasterCard for domiciliary account, the customer must have an active domiciliary account with UBA in dollars, pounds or euro.”
A customer without a domiciliary account can easily open one, after complying with all regulatory requirements, and apply for the debit card from the nearest UBA business office.
Other benefits of the card include the opportunity to spend more than $40,000 in a year without restriction by the regulatory cap of $40,000 on naira debit MasterCard.