Centenary Bank, the largest commercial microfinance bank in Uganda has launched the new CenteVisa Prepaid card to facilitate cashless payments and enhance its service offering on the digital banking front.
Speaking at the launch, Centenary Bank Managing Director, Fabian Kasi explained that the CenteVisa Prepaid is an addition to the bank’s Visa Card payment solutions aimed at offering both existing bank customers and the public more options to perform cashless transactions, conveniently.
“One does not need to have an account with Centenary Bank to acquire the CenteVisa Prepaid Card, because it is not linked to any bank account. Therefore, cards will be issued to both our customers and other individuals who have the desire to go cashless and are above 18 years old,”Kasi explained.
He noted that the prepaid card holders will be able to use their cards to pay for items at supermarkets, buy fuel, and shop online with convenience.
“What is required is for one to pre-load the money on the card, in advance, which they can then spend any time, anywhere wherever Visa is accepted.”
“The needs of our customers are paramount, and it is for this very reason that we are always working to innovate and offer appropriate solutions to enhance their banking experience in a safe and secure manner with the help of technology. This is evident with the range of digital banking solutions we have made available to our customers over the years.”
According to the 2020 quarterly financial stability review by the Bank of Uganda, the value of payments made using debit cards increased from shs670.3 billion in 2019 to approximately shs3.2 trillion in 2020.
This exponential growth was partly attributed to actions taken by players in the financial sector including the promotion of the usage of cashless transactions as a measure to reduce the risk of COVID-19 transmission to customers and the public.
“Visa is committed to delivering secure, convenient, and trusted payment solutions to all and leading the growth of electronic payments worldwide,” said Salma Ingabire, the Country Director, Visa Uganda.
“We are delighted to partner with Centenary Bank to offer the Visa Prepaid card services where the bank’s existing customers and the public can enjoy an apt banking experience, a development that is in line with our commitment to promote cashless transactions and deepen financial inclusion across the country.”
According to Centenary Bank , for one one to acquire a CenteVisa Prepaid Card, they only need a valid National ID, a passport photo and make a minimum initial card loading deposit amount of shs50,000.