United Capital Bank (UCB), a financial institution in Sudan, has issued the first Visa card of the country.
The newly launched card was presented to the Sudanese Prime Minister Dr Abdalla Hamdok, who hailed the offering as a symbol of Sudan’s reintegration into global economy.
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Prime Minister Hamdok said: “This card and our recent economic decision on the unification of the exchange rate is testament to our resolve to take the necessary measures to develop our economy and reintegrate our country in the global economy. We are determined to continue the path of reform, build our economy, and attract foreign direct investments.”
The decision on the exchange rate was aimed to crush the currency black market. It also helped in adding nearly $500m to the formal financial system.
Now, UCB plans to introduce additional Visa products.
UCB CEO and general manager Yousif Ahmed El-Tinay said: “We take pride in presenting the first Visa card to the Prime Minister and we are privileged to be the first Sudanese bank to be able to issue the card.
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By GlobalData“We understand the responsibility that comes with leadership and we fully realize that issuing the card is the first step towards building a complete ecosystem that drives electronic payments culture as well as financial inclusion. We are currently working on building this ecosystem to empower all our cardholders, merchants, and the country.”
