The United Bank of Africa (UBA) has signed a memorandum of understanding (MoU) with the ASEA Consultant and Associates Ghana Limited to offer prepaid visa card onto the Ghanaian market. Under the agreement, UBA is expected to provide the technological processes in order to introduce the new cards dubbed “Mimosa Black Card” which would allow users to deposit and access their funds without the need for a bank account. The Managing Director of UBA, Mrs Abiola Bawuah, signed for her outfit, while the Founder of ASEA Consultant and Associates Ghana Limited, Mr Chris-Samson Andoh, also signed for his company at the ceremony in Accra. Mr Andoh said: “Our goal is to bring safe and reliable banking solutions and savings to our clients. We are offering an ultra-modern product that is not only secure and convenient but provides access to a host of concierge services and rewards to its clients.” He said the cards also created greater financial inclusion in the country, especially since the card would be linked directly to all mobile money services. “With the introduction of these cards, Ghana already has the technological basis to become a cashless society,” Mr Andoh indicated. Functions of the card The new prepaid visa card is similar to a normal debit card but unique because it is not linked to the bank account of the user, making it cheaper, safer and easier to use and reload. The card is PIN protected with chip technology for enhanced security. This way, users of the Mimosa Black Card could withdraw from any Visa ATM, make cashless payments at any point of sales (POS) terminals and also make safe and secure online payments with all electronic commerce merchants. Holders of the Mimosa Concierge Ghana Black Card will also be able to use their cards across the globe. In addition, clients could deposit money to their accounts, cedi load points or multiple accounts through any UBA branch, Airtel money and through collection deposit agents. In addition, clients could qualify for the instant emergency fund feature of up to GH¢20,000 at zero per cent interest. The General Manager of Mimosa Concierge Ghana Black Card, Mr David Shelter, said users would receive various discounts at several outlets not only in Ghana but in Africa and eventually around the world. “One of our key goals in Ghana is to change the way people bank by targeting the unbanked through innovative technology solutions, and there is much more to come.” “We believe the ASEA and UBA partnership will go a long way in reaching the unbanked and creating greater financial inclusion in Ghana and throughout Africa,” he added. He said with the prepaid cards, clients were encouraged to embrace a cashless lifestyle. Tanzania was the first country in which this partnership began and it has now expanded to Ghana. For her part, Madam Bawuah said UBA was pleased to be associated with the ASEA Consultant and Associates Ghana Limited, since innovation has been its hallmark. She said customers and partners of the bank could attest to various initiatives taken by the bank over the past years to put their interests first. “Introducing innovation is consistent with our philosophy to provide our customers with the very best in financial products and services,” she added.
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