Interswitch’s quest to attract millions of Nigeria’s under-banked and un-banked population into the formal e-payment system as a way of reducing risks associated with cash transactions is recording a huge success, as over four million CashCard has been issued by the company in conjunctions with banks and telcoms operator as at September 30,2006.Powered by Interswitch, Nigeria’s premier payment transaction solutions providers, a CashCard is a pre-funded card that can be used for just about any transaction, from making purchases on the Internet, buying groceries at supermarkets using a POS terminal, to withdrawing cash from Automated Teller Machine, (ATM). Besides, CashCard can be used for fund transfer purposes. Funds on the CashCard can be transferred from the card to any accounts residing in any of the banks on the Interswitch’s network.Unlike the debit card, a bank account is not required before a card-user can own a CashCard. Instead, the CashCard is linked to a virtual account while information and value on the card is stored on a central database which can be accessed through multiple terminals such as ATMs, Point of Sale, Mobile phone and the Internet (that are connected to Interswitch,) and at branches of member banks on the Interswitch network.Mr. Mitchell Elegbe, Managing Director of Interswitch told journalists in a chat in Lagos that over four million CashCard have been issued by InterSwitch in conjunction with some of the consolidated banks as well as some telecom mobile operators in the country.He said: "With CashCard, Interswitch has demonstrated that it is possible to move funds from the informal to formal sector of the economy. More so, the adoption of CashCard will further reduce the dependence of the economy on physical cash, while increasing the potentials for the under-banked and un-banked to enjoy the conviences of banking without owing a bank account." In consonance with this vision, some banks and telcos have variously collaborated and have issued CashCash. Globacom and First bank recently joined forces to unveil CashCard named GloFirst CashCard. GloFirst is a pre-paid debit card which allows users who do not have bank accounts to perform electronic transactions, just like the bank account holders and debit card users, via the Glo mobile network. Similarly, MTN has partnered with UBA (and the team) to come up with X-change CashCard. The product is an electronic wallet which allows access to cash at any Interswitch or QuickCash ATM. It also enables card-users to purchase to MTN airtime at recommended retail price (RRP) from UBA ATMs nationwide. In addition, Skye Bank recently launched three new card products into the local market on the platform of CashCard. The products are TeensCard, CampusCard and SkyeBank CashCard which is also called the MagicCard. These cards can be funded electronically even via the Internet on www.mynigeriacashcard.com or mobile phone and made to serve as an electronic purse to enhance the convenience of the cardholder. According to Taiwo Seriki, Head, Marketing & Corporate Communication, Interswitch, CashCard works like a debit card. Monetary value can be funded unto and withdrawn from the CashCard. The available balance or funds on the CashCard refers to the residual value remaining therein from time to time, which may be used by a cardholder for the payment of goods and services."It is the perfect way to carry your cash. CashCard gives you access to your funds as at when you want. With CashCard, its hello to a lifestyle of convenience and goodbye to the insecurities of handling cash!", she said adding that CashCards can be purchased at any approved merchant stores in Nigeria that have a Point of Sales (POS) terminal which is deployed in Nigeria or from participating bank branches nationwide. Explaining how to get a CashCard, she said those who are desirous of owning a CashCard should visit the nearest designated CashCard outlet, and ask the cashier or customer service representative for one. "The cost of the card is N200 only". To increase the number of CashCard currently in circulation from four million and above the merchant selling these cards have been authorized to accept and process the naira amount card-users want on the card account. "Once this is done, a CashCard will be issued which can be used immediately", she enthused.
