Mobile money operator teams up with Skye bank to launch first Visa virtual card in Nigeria

folarin okunola

September 2, 2015 1:40 PM

One of the ways in which the card is unique is that cardholders get a full card image (the Virtual Card) on their mobile device, PC, or tablet.

The Virtual Visa Card is the first of its kind in Nigeria

According to several media reports, a licensed mobile money operator, ChamsMobileLimited and Skye Bank Plc, have launched the first Virtual Visa Card in Nigeria. The Virtual Visa Card is a completely digital payment card for both online and mobile use, locally and internationally.

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One of the ways in which the card is unique is that cardholders get a full card image (the Virtual Card) on their mobile device, PC, or tablet, with a plastic card offered as an option if customers prefer.

Both companies expect the new payment system to expand financial inclusion to millions of Nigerians by offering a low cost mobile banking solution, with the card bieing issued free and linked to a broad range of financial services.

The new Visa Virtual Card is available under the Kegow brand, Kegow being the program and card brand of ChamsMobile.

Mr. Gavin Young, deputy managing director ChamsMobile, expressed excitement over the venture which has brought the two companies together.

“It’s unique in that customers actually see an image of their card on their mobile phones, tablets and PCs, whereby all the essential features of a physical card are shown in its ‘Virtual form’; card number, expiry date and CVV number, for example. This, for many customers, negates the need for a physical plastic card, although we offer plastic cards as an option for customers requiring such.”

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“E-commerce savvy users can shop securely online by loading funds from a bank account or any other financial card. For those without a formal banking relationship, they will suddenly have the means to make their money work for them and move towards financial inclusion,” he said.

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