According to the bank, the card offers UBA customers safety, ease of access and financial control.
Described as the first of its kind in the world, UBA said users of the Prepaid Card do not have to link it to any bank account as it is currently done with other cards in the industry.
This, the bank said, eliminates the issue of minimum balance that a customer must keep in their bank accounts.
Adeyinka Adedeji, UBA’s Head of e-Banking, said: “[The new product] helps customers control spending and be in control of their funds making it ideal for budgeting and travel.
“It is also ideal for students and even employees or casual workers who may not have a Bank Account.”
Concerning the card’s distribution, UBA said its customers in Nigeria and 18 other African countries can obtain the card at any of the bank’s branches.
Furthermore, the card could be used on all VISA acceptance points, ATMs, and millions of POS (point-of-sale) terminals in around 180 countries around the world.
Esaie Diei, UBA’s Head of Prepaid Cards, stated the importance of prepaid cards and the reasons why more customers are embracing it.
Diei said: “Prepaid cards are a fast-growing form of providing financial services, facilitating payments. Consumers see the value and convenience of using these cards for a variety of financial needs.”
