NBS Bank Credit card ignites trade opportunities - 09/10/2009

Malawi for the first time has a bank that will be able to be directly offer credit card services that works in all countries.

NBS Bank Chief Executive Officer, John Bizwick, said this on Monday when the bank launched its two Visa Debit and Credit cards which will allow its customers transact money anywhere globally.

Bizwick said the Bank will be offering Visa Transacts Acquiring facility payment services which have Point of Sale (POS) and ATM Transaction Acquiring.

He said under the POS Acquiring facility, Visa Card holders will be able to pay for goods and services in Merchants shops, hotels and other services providers.

According to Bizwick, the bank will also issue Visa Card insurance payment services, where the Bank will be issuing Visa Credit and Gold Credit cards to its customers.

The cards he said will be issued using the latest EMV Chip Technology with magstripe fall- back, meaning it will be able to handle both on line and off line transactions

Bizwick added that the visa card will allow customers to pay for goods and services at more than 24 million Visa branded outlets and withdraw money from over 1million visa branded ATMs across the globe.

“For the Visa credit card what you need is a current or savings account, so long as it is funded. And a person can transact up to US$5, 000 (about K700, 000), while the minimum is US$3, 000,”said Bizwick explained.

Further, Bizwick said Visa Debit and Credit cards can be used locally as well as internationally to buy goods and  to change foreign currency or buy travelers cheques among others.

Similarly, Bankers Association of Malawi Executive Director Fanuel Kumdana, said credit card gives extra freedom to people and it is a good development that they are now offered locally.

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