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Business News of Wednesday, 21 December 2016

Source: citibusinessnews.com

Zenith Bank partners Mastercard to deepen cashlite economy

As part of efforts aimed at enhancing Ghana’s drive to attain a cash lite economy, Zenith Bank Ghana has partnered with MasterCard to launch the Zenith bank MasterCard credit, debit and prepaid cards.

The electronic chip-based smart cards will allow customers to make withdrawals from all over the world and also pay for goods and services.

Speaking to Citi Business News after the launch, the CEO of Zenith bank, Mr. Henry Oroh stated that the move will complement the Bank of Ghana’s desire to increase electronic transaction in the economy.

According to him, the introduction of the suite of solutions will ensure all citizens have access to safer ways to pay for goods and services as the payment cards are EMV Chip and PIN enabled.

He stated that this is in line with Ghana’s Vision 2020 goals, which sets out plans to accelerate the migration to global standard.

“With the rapid progression of the electronic payments industry our customers are increasingly seeking faster, more secure and smarter ways to pay. To cater for their evolving needs, we have launched this range of internationally accepted payment cards, making it easier for them to safely access their funds both here in Ghana and abroad,” he said.

Outlining some measures taken by bank in recent times, Mr. Oroh stated that Zenith bank offers a cutting edge ICT platform, a passionately innovative team and devotion to the development of top of the range product and to meet customers’ needs.

“Millions of cedis are lost in bank fraud annually and while the losses are not always attributed to card fraud, the increase in card usage, especially among the middle class has necessitated the formulation of tougher measures to fight fraud, making the case for the adoption of secure Chip and PIN cards,” he said.

On his part, the Area Business Head West Africa, Mastercard , Mr. Omokehinde Adebanjo said the partnership is great development aimed at empowering Africans to transact businesses worldwide.

“EMV technology protects in-store payments from card fraud. A small chip built into the payment card generates a one-time PIN for every transaction, making it virtually impossible to create counterfeit cards,” he said.

“As this shift gains momentum around the world, a global chip infrastructure is taking shape to counter the threat of fraudulent transactions. We look forward to working with Zenith bank in Ghana to bring safer payment technologies to the market,” he added.

Mr. Adebanjo pointed out that the suite of solutions will play a role in including the previously unbanked and underserved in the formal financial sector.