The Central Bank of Nigeria’s (CBN) financial inclusion strategy has received another boost with ChamsMobile, a CBN-licensed mobile money operator, and Skye Bank plc, signing last week of an agreement to launch a Virtual Visa Card – an entirely digital payment card for online and mobile use.
With the launch of the virtual card, which will be available in March from ChamsMobile and Skye Bank, it is hoped that the Virtual Visa Card would experience the same level of success as it has in Asia and Europe.
Gavin Young, deputy managing director, ChamsMobile, said he was excited to partner Skye Bank on the new virtual payment solution, which was developed with the company’s international joint venture partners Bancore and Global Technology Partners (GTP).
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According to Young, with the Virtual Visa Card offering on mobile phones, millions of Nigerians will have access to payments and make purchases, along with a range of other services, by using a Visa card from their phone and other electronic devices, with the benefit of access to the global digital economy.
“E-commerce savvy users can shop securely online and those without a formal banking relationship will suddenly have the means to make their money work for them and move towards financial inclusion,” he said.
Akinwale Ojo, head, e-Channels, Skye Bank plc, said: “The bank chose to work with ChamsMobile, and its card processing partner GTP, based on careful consideration of the benefits all parties could bring to the table and in consideration of how the bank could best serve the millions of Nigerians with this product, and particularly those who may be financially excluded, requiring a low cost yet fully inclusive financial services offering.”
Ade Ashaye, country manager for Visa in West Africa, said: “Our strategy of bringing world-class innovation to Africa continues to make shopping online and via traditional channels much more convenient. Visa’s Virtual Card will make a real change to the lives of Nigerians by helping them to safely access the digital economy and participate in e-commerce.”
OLUSEGUN ABISOYE
