United Bank for Africa (UBA) has introduced a new debit card in Liberia that aims to reduce dependence on cash while providing users with convenient and secure payment solution.

Issued on the MasterCard’s platform, the card allows cardholders to control and access their funds directly from a savings or current account.

The new debit card is a chip embedded card that contains encrypted information. It also features a magnetic strip so that cardholders can continue using their cards while merchants are in the process to deploy new chip-enabled terminals.

Availed by paying a fee of $5, the card is valid for a period of five years, subject to renewal and replacement.

Users can get their debit card instantly and allow them to pay for goods and services in-store or online wherever MasterCard is accepted. Cardholders can view all their transactions in real time.

UBA Liberia managing director/CEO Lekan Balogun said: “The launch of MasterCard is one of our strategic objectives to push financial inclusion in Liberia and we believe that with this product we will be more effective in the retail banking space.”

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By GlobalData