By Claire Wanja
Global electronic payments company Visa, in partnership with United Bank of Africa Plc (UBA) have announced the launch of “SmartMoney”, a banking solution comprising of a prepaid card and a mobile app for the African market.
The partnership brings together Visa’s trusted payments technology and SmartMoney’s mobile app experience to establish a millennial centric product platform, for consumers who want to be in control of their money.
Speaking about the launch, DMD and CEO UBA Africa, Kennedy Uzoka said: “Modern, young Africans are constantly seeking and devising new ways to be banked. It is with this realisation that the Smart- Money prepaid card was first developed and introduced into the market in partnership with Visa. The SmartMoney prepaid card al- lows young people to enjoy all the features of a bank account and the minimal costs associated with the prepaid card are a massive plus.”
Jabu Basopo, General Manager for Southern and East Africa added: “The SmartMoney prepaid card allows young Africans to be banked, without having a bank account. This means they are able to enjoy all the features of a bank account and at the same time have full visibility of their spend via the mobile app.“
SmartMoney provides convenience to make purchases, perform online transactions, shop during international travel and access to cash from ATMs. SmartMoney app users also have the ability to check card balances; track and budget spend, or send and receive funds between SmartMoney cardholders.