The National Savings Bank and Mastercard have signed a strategic partnership agreement, which will see the bank rollout Mastercard Chip and PIN prepaid and debit cards to provide its customers with a safer and more convenient alternative to transacting with cash.
This is in line with the government’s goal of creating an inclusive and modernized digital payments ecosystem in Zambia.
NatSave customers, who are currently limited to using their proprietary cards for withdrawing cash, will be switched to Mastercard’s prepaid and debit cards later this year.
The new cards will feature the latest EMV Chip and PIN payment technology, providing customers with a convenient, globally accepted payment solution with the highest security protection.
The partnership supports Zambia’s National Financial Inclusion Strategy 2017 to 2022, which aims to increase financial inclusion from 59 percent to 80 percent.
“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,” says Mukwandi Chibesakunda, CEO of Natsave.
“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.”
By upgrading to a NatSave Mastercard payment card, the bank’s customers will be able to make safe and simple payments for everyday commerce activities.
This includes the ability to withdraw money from Mastercard-licensed ATMs and pay for goods and services at millions of online and physical retailers that accept Mastercard payment cards, both in Zambia and in more than 210 countries and territories worldwide.
“Organisations like Natsave are vital to connecting the underserved market to financial services and the formal economy,” says Mark Elliott, Division President of Mastercard, Southern Africa.
“Our collaboration with Natsave in Zambia represents a step forward in our strategy to create a world 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.”