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Post Bank unveils prepaid card to ease field payments

watchdog by watchdog
7 years ago
in Business
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By our reporter

PostBank Uganda on Friday unveiled a prepaid card payment solution, a move aimed at easing field payments.

The card is secure, convenient with multi wallet capabilities and it targets Social Protection and Safety net program beneficiaries.

Post Bank says the prepaid card will eliminate prospective ghost beneficiary infiltration into the program and the system will decline all duplicate allocations in the beneficiary entitlement file, flagging them as exceptions for which program office re-assessment is required.

Mr Stephen Mukweli, Managing Director PostBank Uganda, said that the beneficiaries are not required to have a PIN number to access the card therefore funds on the card are highly secured and free from losses that could arise following or during Personal Identification Number (PIN) compromises.
“We would like to assure the development partners that this is an efficient and transparent solution for cash transfers,” Mr Mukweli added.

Minister of State for Refugees and disaster preparedness Mr Musa Ecweru who was chief guest said, “This innovation is timely and will help eliminate prospective ghost beneficiary infiltration into the program.”

The project was bankrolled by FSD Uganda which provided a grant of USD 260,000 to Post Bank to develop the technology and customer communication material which in turn would support rural customers adopt financial services.

“By rolling this out in refugee settlements, Post Bank has displayed its commitment to serving customers at the bottom of the pyramid in line with FSDU mission,” said Peter Kawumi, FSDU innovations Specialist.

How it works:

For a first time beneficiary, the bank captures beneficiary’s details, enrolls a beneficiary on the prepaid card system, issues the card, Tops up beneficiary entitlements, loads the card with cash and then pays the customer. For the next payment cycle, the bank receives a file from the donor, loads the card with cash and then makes the payment.

The customer can choose to save his money without withdrawing depending on his/her needs.

Biometric Card Advantages:

•Cardholder challenges with proper Personal Identification Number (PIN) storage and memorizing do not exit with this prepaid card.

•Card deactivation and reactivation associated delays are non-existent with this biometric card.

•The card expiry period is flexible and is set in accordance with the program life span or as set out in the contract terms.

•The program office has a great amount of control over the card issuance process for new and replacement cards, eliminating beneficiary impersonation attempts.

•Funds on lost card are redeemable and transferrable to the replacement card for that beneficiary.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
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