Nigerian lender Guaranty Trust Bank (GTBank) has unveiled the first virtual prepaid MasterCard in Nigeria.

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The new virtual card incorporates all the essential features of a physical card, and is a low cost alternative to physical debit cards.

The card serves as a fall back option for customers making online purchases when they have forgotten or lost their card.

It can be issued instantly through internet banking, and can be used to make international as well as local online payments.

In addition, customers can also opt to convert the virtual card into a physical card on requirement.

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GTBank CEO Segun Agbaje said: "This marks another milestone in our quest to make banking more seamless for our customers.

"As a bank, we remain firm on our objective to deliver value adding services that are tailored to meet the diverse needs of our ever-growing customer base by leveraging technology to make banking more convenient for all our customers."