BancABC debuts Chinese currency pre-paid Visa card in domestic market

11Oct 2018
The Guardian Reporter
DAR ES SALAAM
The Guardian
BancABC debuts Chinese currency pre-paid Visa card in domestic market

GROWING bilateral trade and diplomatic relations between Tanzania and China has pushed BancABC Tanzania Limited management to introduce a Yuan pre-paid Visa card.

BancABC’s Head of Digital and Alternative Channels, Silas Matoi (R) and Head of Retail and Commercial Banking, Joyce Malai displays a dummy yuan pre-paid Visa card during the official launching ceremony in Dar es Salaam yesterday. Photo: courtesy of BancABC Tanzania.

The latest product joins five other major global currencies whose pre-paid Visa card is already transacting in the domestic market. The other currencies include: the United States dollar, British pound sterling, European Union’s euro and South African rand.

Speaking in Dar es Salaam during this week, BancABC Head of Digital and Alternative Channels, Silas Matoi said China has become one of the leading destinations for local entrepreneurs and students hence the decision to exploit such market.

Matoi said the yuan card is reloadable and allows holders to get the exact value in Chinese currency deposited into their card hence doing away with the uncertainty that exchange rates come with in terms of market forces.

“But most important is that this card comes with high level security because of its chip and pin feature, a proven technology that is already in use all around the world providing increased protection against any fraud,” the BancABC Head of Digital underlined.

This yuan denomination card also comes with a free instant text message notification service which helps keep the owner informed on every transaction or purchase done through online or point of sale in real time.

“The yuan Visa cash card is an affordable and unique pre-paid card enabling a customer to manage their funds reasonably and conveniently. The card also has zero monthly charges making it very cost effective for our customers,” Matoi added.

Among other things, parents with children studying in China no longer need to send the cash through any medium but can simply deposit the amount in their child’s yuan card and the cash will instantly reflect in holder’s card. “There is no need to own a bank account to own a yuan Visa pre– paid card,” the BancABC Head noted.

 BancABC Tanzania was awarded a trophy by Visa in 2016 as being the leader in e -commerce transactions because of its unique pre-paid visa cards that work perfectly well with a strong proposition that drives usage. “We promise to continue offering quality and excellent service to our customers,” he bragged.

Speaking at the same event, the banks Head of Retail and Commercial Banking, Joyce Malai said launching the yuan pre-paid Visa card is another milestone in the bank’s technological development as part a continued process of introducing most affordable solutions.

“ Yuan pre-paid Visa card does not only save our customer’s time but also controls ones expenditure as one can only spend what they have on the card as balance," Malai said.

Malai said that due to quality and improved services that BancABC has been offering, it was named at The Banker Africa, East Africa Awards in 2017 and 2018 as the Best Emerging Bank for the region.

"It has been an objective for the bank to continue winning more awards through introducing relevant and innovative solutions to our customers,” the Head of Retail and Commercial Banking said.