FBC Bank, the flagship subsidiary of FBC Holdings Limited, has collaborated with MasterCard Worldwide to introduce a select suite of MasterCard products to its customers in the country.
Through this collaboration with MasterCard, FBC Bank customers will be issued with either a debit, credit or prepaid MasterCard card, that will open up a world of payment convenience and security for FBC Bank customers.
Although MasterCard debit and credit cards have been issued in Zimbabwe in the past, this launch marks the first time that a prepaid MasterCard card will also be issued in the market.
The prepaid cards, issued in United States dollars, offer a much safer alternative to carrying cash while travelling. In addition to enjoying competitive exchange rates, travellers will not have to worry about exchanging foreign currency can better manage their spending when travelling abroad.
“FBC Bank will be converting our existing customer’s proprietary FBC Bank cards into MasterCard branded debit, credit or prepaid cards. In addition, new customers will automatically be issued with a MasterCard card,” says Agrippa Mugwagwa, executive director — Retail Banking and e-Commerce, FBC Bank.
“If there is a country with a compelling reason to go totally electronic as soon as possible, it is Zimbabwe. We are using the US dollar currency which we import at great cost, change is a nightmare, notes get soiled quickly and there is a high inherent risk of counterfeit notes.”
The newly issued suite of MasterCard cards will enable the bank’s existing and new customers to purchase goods or services when travelling outside Zimbabwe, and obtain cash anywhere in the world where MasterCard cards are accepted.
“The MasterCard cards will provide added benefits to cardholders over their existing FBC proprietary cards when travelling within Africa or overseas, as they will be able to withdraw cash at any ATM and pay for purchases wherever the MasterCard acceptance logo is displayed,” says Jason Coetzee, vice -president Business Development, MasterCard Worldwide in Africa.
“We believe that FBC Bank’s issuance of MasterCard payment cards will help reduce Zimbabweans’ reliance on cash.” Coetzee said growing the issuance of MasterCard cards throughout Africa is a primary focus and vision for the organisation.