Union Bank of Nigeria Plc is set to launch Electronic Stallion Prepaid Management System (SPMS), a landmark payment solution designed to make prepaid cards universally seamless Nigeria CommunicationsWeek can reveal.
It is the first system designed to cater for the world banked and unbanked population through the issuance of prepaid cards of Visa/Mastercard/Maestro and UBN Money Line Cash Master (MLCM) cards.
When launched it will allow UBN issue arrays of generic cards (Visa, Mastercard, Maestro and proprietary chip and hybrid) and supports a variety of functions like money transfers and others.
This is to enhance and effect remittance into and out of Nigeria globally, capture great percentage of the world unbanked immigrant workers and attain new revenues with new payment infrastructure to propel the bank into a greater market share.
The system encourages small business enterprise leading to the creation of more employment.
Nigeria CommunicationsWeek investigations revealed that the bank has been working with foreign markets for four years running to deliver this unique system and had since trained staff on the functions and implementation
The Union Bank solution will be the first system in the world to offer appointed agents all over the globe to view cardholders Know Your Customer Identification documents seamlessly and accepts all currencies of the world using UBN proprietary card with embedded conversion rate mechanism which also offers currency trading.
Prepaid cards are cards that do not require credit reference or being an account holder of a bank before being issued to the customer.
The absence of credit agencies or data profiling of citizens in Nigeria necessitated the introduction of debit/prepaid credit cards limited within the country parameters but the cards are not internationally accepted.
The entrance of Visa/Mastercard into Africa was a welcome development as the cards can be accepted worldwide.
UBN Plc Makes History with SPMS
