Stanbic launches four-currency money card
Stanbic Bank Ghana has partnered with MasterCard to introduce an electronic money card onto the Ghanaian market, but the two parties decided to do it differently from what pertained on any market.
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The Stanbic Money Money Wallet Multi Currency card has wallets for up to four currencies; the Sound African Rand (internationally denoted as ZAD); the United States dollar (US$); the British Pound (GB£) and the Euro, the currency of the 28-member European Union.
This means that both customers and non-customers of the bank can load money on the card and share them into the four currencies and use them on point of sale devices and automated teller machines (ATMs) at more than 37.9 million locations.
According to the bank and its partner, MasterCard, the value of the currencies loaded would be locked in at the time of loading and would, therefore, not be subject to currency value fluctuations.
The Head of Personal and Business Banking at Stanbic Bank, Nana Dwemoh Benneh, told the GRAPHIC BUSINESS at the launch of the card on May 29 in Accra that Stanbic was poised to bring the best from the international market to its customers in Ghana so they would be abreast of the time.
Nana Benneh said the innovation was also part of the bank’s effort to promote a cashless society in the country, saying “this is a revolutionary product that gives the discerning customer four currencies on one card and can transfer funds across the different wallets.”
The card also has intelligent geographic management system which enables it to automatically switch to the appropriate currency in any of the four countries, making it the default currency for making payments.
This means that when in say Johannesburg, the card would automatically switch to the Rand as the default currency for expenditure.
Nana Benneh explained that since the service was in collaboration with MasterCard, should any card get misplaced, the partner’s office, widely located across countries, would assist with a new card or could even make cash available if the need be.
This is particularly possible because according to Nana Benneh, the card would not be linked to the individual’s bank account, hence when it gets into wrong hands, they could not attack the individual’s account with the bank.
A representative of MasterCard, Mr Obi Okwuegbunam, explained that it was the first time such a card was being introduced in West Africa and that in partnership with Stanbic Bank, the card would subsequently be launched in West African countries where Standard Bank, the parent company of Stanbic Bank, operated.
Mr Okwuegbunam commended the Bank of Ghana for creating the enabling environment that made such a collaboration possible, saying the product was a huge milestone for the bank, the government and Ghanaians in general.
The Managing Director of Stanbic Ghana, Mr Alhassan Andani, Mr Okwuegbunam and Mr Lincoln Mali of Stanbic Bank, and other dignitaries, launched the card.