SMART Banking Solutions Limited (SBS) has introduced the first prepaid card in Tanzanian market, named B-PESA, at the official roll-out ceremony held in Dar es Salaam, Tanzania. It allows a customer to transact at any B-PESA branded merchants, member banks. It also support B-Pesa branded ATM, some of which supplied by GRGBanking, the leading ATM vendor from China.
The SBS Managing Director Mr. Gustav Vermaas said the card allows a customer to have the flexibility of card to card transfers, withdraw cash, deposit cash, pay bills and payment of purchases at B-PESA branded merchants.
During the ceremony, the China UnionPay International Chief Representative for Africa and Middle East, Li Zhixian, signed with Mr. Vermaas on the partnership between UnionPay and B-PESA. Mr. Li said the new card scheme “will be able to change the landscape of Tanzania’s payment industry. UnionPay is always committed to facilitating payment services in each country”.
SBS Board Member, Dr. Edmund Mndolwa said the introduction of this payment system would create substantial benefit to Tanzanian traders as they will not need to look for foreign currency when buying goods abroad, because B-PESA will soon be accepted at all China UnionPay International points worldwide, after B-PESA and UnionPay signed an agreement of cooperation during the event.
Many local banks have expressed interest to start issuing B-PESA cards to their customers.
Adam Lee, General Manager of GRG Banking Equipment (HK) Co., Ltd (GRGHK), the wholly-owned subsidiary of GRGBanking, attended the ceremony and commented that, “As a global leading provider of currency recognition and cash processing solutions, GRGBanking attaches great importance to the B-Pesa project. We believe our advanced cash dispensing solution can contribute to the development and innovation of local banking industry. In future we will bring better and more convenient technology to better the local entire cash supply chain ecosystem.”
Above: Gustav Vermaas (left), Managing Director of Smart Banking Solutions Limited and Li Zhixian (right), UnionPay International Chief Representative for Africa and Middle East
Source: THE CITIZEN CORRESPONDENT
Above: Adam Lee (left), General Manager of GRG Banking Equipment (HK) Co., Ltd. and Farouk Merali (right), CEO of Smart Banking Solutions
B-PESA is Tanzania’s first prepaid card. This card allows a customer to transact at any B-PESA member bank or any B-PESA merchant. This card allows you to have the flexibility of card to card transfers, dispense cash, deposit cash, and pay bills. B-PESA card is not a credit card as it does not provide a line of credit and it is not a debit card either as it is not linked to a bank account, however, it is managed through its own electronic financial wallet that is sponsored by member banks.
B-PESA card utilizes the latest chip and pin security methods to protect against unauthorized transactions. It increases safety as it reduces the requirement to carry large sums of cash and is convenient as there is a large network of B-PESA branded merchants and member banks.
About China UnionPay
UnionPay is a bankcard association established under the approval of the State Council and the People’s Bank of China. At present, the Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members.
UnionPay has become the central and pivotal part of China’s bankcard industry, and plays an essential role in the industry development. As the bankcard association in China, UnionPay operates an inter-bank transaction settlement system through which the connection and switch between banking systems and the inter-bank, cross-region and cross-border usages of bankcards issued by associate banks could be realized. Based on the system construction and operation as well as the bankcard network, UnionPay actively collaborate with various industrial parties like commercial banks in the efforts to formulate and extend united UnionPay card standards and regulations, create independent bankcard brand, promote the development and application of bankcard, maintain an orderly bankcard acceptance market and prevent bankcard risks.
GRGBanking is a leading provider of currency recognition and cash processing solutions in the global market with great potential and rapid development. GRG specialize in the development/ manufacturing of Automatic Teller Machine (ATM) for financial institutions and retailers, Automatic Fare Collection (AFC) devices for railway or underground systems, as well as other currency recognition and cash processing equipment, modules and systems for over 20 years. Besides, GRG’s various Multi-Channel Software Solutions and Services cover the needs of the financial industry, retail, transportation, payment, self-service, cash automation, cash management outsourcing and managed services, customized for different customers around the world.