Zambia Industrial Commercial Bank Limited (ZICB) has partnered with Mastercard to issue prepaid and debit business cards in the country.
ZICB is said to be the first bank to issue these cards in Zambia. The bank’s business customers are expected to benefit from this alternative to cash.
Mastercard cards enable businesses to fix spending limits and monitor expenditure of travelling employees. The products also come with EMV contactless payment technology, allowing acceptance worldwide.
ZICB CEO Ignatius Mwanza said: “We are excited to partner with Mastercard as we implement our agenda to become a leading digital bank that contributes to Zambia’s economic development.
“Driving the growth of our SME and corporate customers through innovative and convenient payment solutions such as these is how we create a better tomorrow for Zambia.”
Mastercard added that the prepaid and debit business cards enable safe and quick finance management. In addition, the cards reduce exposure to the safety risks and transactional costs associated with cash.
Cardholders will able to use the cards at merchants in domestic as well as more than 210 international markets. Customers can also withdraw funds from Mastercard-licensed ATMs.
Mastercard division president of Southern Africa Mark Elliott said: “These products will help to solve pain points for businesses of all sizes and industries – whether it’s a farmer needing to pay for supplies more expediently, a government agency seeking to manage social payments more efficiently or a large corporate trying to better track their employees travel and entertainment expenditure across several countries.”