Stanbic Introduces MoneyWallet
Nana Dwemoh Benneh
Stanbic Bank Ghana on Thursday introduced the Stanbic Wallet Multi-Currency Card, the first of its kind in Ghana.
The new MasterCard-branded card offers a safe and convenient alternative to foreign currency notes and allows both customers and non-customers of Stanbic Bank to load and have access to four foreign currencies – British Pound, South African Rand, US dollar and the Euro – on a single card.
By using the Stanbic MoneyWallet Multi-Currency Card, travelers can avoid forex and cross currency fluctuation costs and concerns especially when travelling and trading between the USA, UK, Europe and South Africa.
The card, a product of Stanbic Bank’s collaboration with MasterCard, can be reloaded as often as one desires.
It supports ecommerce transactions, and can be used for point of sale purchases and ATM cash withdrawals at more than 36.9 million locations in over 210 countries where MasterCard is accepted.
Speaking at the press launch, Nana Dwemoh Benneh, Head, Personal and Business Banking, Stanbic Bank Ghana, said the value of foreign exchange gets locked in upon purchase, protecting the card holder against foreign exchange rate swings and their attendant losses.
‘We are in the market to provide state-of-the-art solutions for our customers to help improve lives. The introduction of MoneyWallet is one of the many interventions that we will roll out this year to continually advance the business of customers. With MoneyWallet, it is no longer necessary for our customers to worry about carrying cash during their travels. The global accessibility of this card will ensure that our customers will always have a convenient way of doing business.’
Nii Odartey Lamptey, Manager, Transactional Products, explained that everyone, customers and non-customers alike, could get a Stanbic MoneyWallet Multi-Currency card with ease from any Stanbic Bank branch.
It is issued and activated instantly upon purchase and has a five-year lifespan.
When used for point of sale payments and ecommerce, there are no transactional costs.
Obi Okwuegbunam, Director, Account Management for MasterCard Services in West Africa, commented: ‘The multi-currency card represents the future of travel prepaid cards. Not only is it incredibly convenient for frequent travelers and those who cross multiple borders in the same trip, it also provides travelers with a safer and more secure alternative to carrying cash.’
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