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National Savings Bank (NatSave) has entered into a strategic agreement to introduce MasterCard Chip and PIN prepaid and debit cards in Zambia.

The new cards, which the bank will start issuing to its customers later this year, will feature the latest EMV Chip and PIN payment technology.

Using this card, customers will be able to make payments in Zambia as well as in more than 210 countries and territories globally.

Customers can use this card for everyday activities like paying for goods, money withdrawal from Mastercard-licensed ATMs and paying physical retailers that accept Mastercard payment.

NatSave CEO Mukwandi Chibesakunda said: “We are pleased to embark on a significant new strategic partnership and joint investment programme with Mastercard in our quest to make banking and payments more efficient, secure and convenient for our customers, while reducing their exposure to the safety risks and high transactional costs of handling cash.

“We envisage that this collaboration will help to contribute to driving digital transformation, financial inclusion and economic development in Zambia, which are top on the agenda for us.”

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Mastercard division president for South Africa Mark Elliott said: “Organisations like NatSave are vital to connecting the underserved market to financial services and the formal economy.

“Our collaboration with NatSave in Zambia represents a step forward in our strategy to create a world beyond cash, where the digitization of financial services not only leads to faster, smarter and safer transactions but provides people and businesses with the tools they need to achieve financial security, grow their businesses, and improve quality of life.”

NatSave caters to more than 300,000 customers in 10 provinces of Zambia through 38 branches.