Pan-African financial institution, United Bank for Africa Plc, has launched a reloadable prepaid card for its customers across the continent, offering them financial control, convenience and security.

According to a statement released by the financial institution, the prepaid card is accepted at all VISA acceptance points, ATMs and POS/Merchant Terminals in over 179 countries across the world.

The innovative card is adjudged to be the first of its kind in the industry and one of the most prestigious prepaid cards in the world.

The bank says the card gives user full control over personal finances as it is not linked to any bank account and therefore attracts no minimum balance.

The prepaid cards come with a low issuance fee; there is no charge to load money to the card and customers may do so at UBA branches or via U-Direct and U-Mobile, the bank said.

Speaking at the product launch, Head e-Banking, UBA, Adeyinka Adedeji said, “UBA prepaid card helps customers control spending and be in control of their funds, making it ideal for budgeting and travel. It is also ideal for students and even employees or casual workers who may not have a bank account.”

He added that the card efficiently allows customers that cannot get approval for a current account have access to financial services.

The card also deepens financial inclusion; while banked customers can still use the prepaid card to effectively manage their expenses to what they have loaded on the Card.

“In addition, they (customers) can limit their account exposure by using prepaid card online or at locations where they do not trust safety of their information. Travellers can load naira and be able to spend as much as $40,000 equivalent per annum on the secure card, which is protected with the CHIP and PIN technology,” Adedeji explained.

Meanwhile, UBA Head of Prepaid Cards, Esaie Diei, affirmed that prepaid cards are  fast-growing form of providing financial services.

He stated that “Consumers see the value and convenience of using these cards for a variety of financial needs. It may be used as an alternative to having a bank account for unbanked, as a budgeting tool or way to segment spending, and to make secure online purchases by under-banked and banked customers.”

“The good news is even without a Bank Account, you can have your own Prepaid Card, loaded with Naira and be able to spend in any currency online and anywhere in the world.”