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Swaziland : SWAZIBANK partners with MASTERCARD to issue debit cards

June 14, 2014

Swaziland based SwaziBank has announced the partnership with MasterCard, an electronics payments company, in order to become that country's first locally-owned bank to be licensed by MasterCard.

According to Swazibank, MasterCard branded debit cards would be issued to about 80,000 of its enterprise and private clients. The bank cleints can use their cards locally at ATMs and at brokers provided with SwaziBank point of sale (POS) terminals.

Zakhele Lukhele, managing director of SwaziBank, commented "Swazi citizens need access to financial services that help them manage their income for daily essentials, save for future needs and protect themselves against unforeseen risks. There is a huge portfolio of micro and small enterprises that also need access to diverse financial services.

Lukhele further added, Meeting this demand through our collaboration with MasterCard will contribute to stimulating economic growth in the country at a time when Swaziland is actively developing its financial inclusion strategy.

As per the partnership, cardholders can enjoy entry to over 36.9 million MasterCard acceptance locations globally. Charlton Goredema, vice president and area business head, southern Africa at MasterCard stated, As SwaziBank enables its customers to benefit from MasterCard s global payments network, we are assisting Swaziland to integrate its economy with those elsewhere in the world. Importantly, we are also contributing to the financial freedom of individuals."

By reducing the dependence on and usage of cash, MasterCard and SwaziBank will advance the adoption of formal banking products, which ultimately drives financial inclusion, Goredema further added.

Lukhele concluded, Our government has recognised that increasing access to credit facilities, electronic payments, and formal savings, insurance and retirement products will significantly advance our social and economic development goals.

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Source: TendersInfo (India)

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