Guaranty Trust Bank (Uganda) Ltd has launched a MasterCard. Known as the GTBank Mastercard, it has become the first issuer of that card in Uganda.
The launch signals a key milestone as the country moves towards building a stronger financial payment sector and ensuring all citizens are financially included.
There are three variants of the card available, including: standard shillings, dollar and platinum. Each provides different benefits, but all support the shift towards a cashless economy.
Speaking during the launch, the bank’s managing director, Mr. Olufemi Omotoso said : “The GTBank Debit MasterCard provides our cardholders with the latest in electronic payments, and gives them peace of mind that their funds are safe. The debit card is chip and pin enabled, and is protected by EMV technology – a global payment standard. We remain committed to introducing the very best solutions in Uganda, and ensuring accessibility to everyone.” He further stated that opening an account with GTBank puts a MasterCard in the customer’s hand irrespective of the type of account.
The debit cards will help citizens move beyond cash by providing a convenient, fast and secure way for cardholders to pay for goods and services in supermarkets, hotels or online transactions such as ticket and travel visa payments and shopping at millions of locations worldwide where MasterCard is accepted. Cardholders will also be able to withdraw funds from 300 Interswitch ATMs within Uganda and one million automated teller machines (ATMs) in over 210 countries, providing them full control over their financial wellbeing.
“We share a vision of a world beyond cash, where all people are financially included into the economy. Introducing the debit cards in the country is a key milestone for us as we ramp up activity and investment in Uganda. We are excited about the partnership with GTBank, and are eager to introduce efficiency to the payment sector,” said Chris Bwakira, Vice President and area business head, East Africa at MasterCard.
Benefits of going cashless:
- Electronic payments help consumers to track and monitor expenditure as it provides a history of transactions being made. This allows cardholders to budget, ultimately helping them to save.
- Carrying cash is also not safe, and puts the consumer at risk of being robbed. If your payment card is stolen, no one else is able to use it as they will not have the security pin needed to withdraw funds or to pay for items in-store.
3. Cardholders are able to not only transact in their home country, but also at millions of acceptance locations across Africa and the rest of the world.