MasterCard and the National Savings Bank (NatSave) have collaborated to enable the bank release MasterCard Chip, PIN prepaid and debit cards to give its customers a safe and convenient alternative cash transaction. This collaboration aligns with the government’s role to create an inclusive and modernized digital payment ecosystem in Zambia. All NatSave customers who are using only proprietary cards for cash withdrawals will switch to MasterCards prepaid and debit cards later in the year.
The new cards will feature; latest EMV chip and PIN payment technology that will grant customers a convenient and globally accepted payment solution with the highest security protection. The partnership supports Zambia’s National Financial Inclusion Strategy 2017-2022 that aims to increase financial inclusion from 59 percent to 80 percent.
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This upgrade will enable bank customers make safe and simple payments in their commerce activities like; money withdrawal from MasterCard-licensed ATMs, online and physical payment to retailers that accept MasterCards in Zambia and across the world.
Mukwandi Chibesakunda, CEO of NatSave said that they hope the partnership will help drive financial inclusion and economic development in Zambia.
“We are pleased to embark on a significant new strategic partnership and joint investment programme with Mastercard in our quest to make banking and payments more efficient, secure and convenient for our customers, while reducing their exposure to the safety risks and high transactional costs of handling cash. We envisage that this collaboration will help to contribute to driving digital transformation, financial inclusion and economic development in Zambia, which are top on the agenda for us.”
Mark Elliott, Division President of Mastercard, Southern Africa said, “Organisations like NatSave are vital to connecting the underserved market to financial services and the formal economy.”
“Our collaboration with NatSave in Zambia represents a step forward in our strategy to create a word beyond cash, where the digitization of financial services not only leads to faster, smarter and safer transactions but provides people and businesses with the tools they need to achieve financial security, grow their businesses, and improve quality of life,” he said.
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