By Rogers Wanambwa

KIU, Main Campus - In a bid to enhance cashless payments, Centenary Bank launched the CenteVisa prepaid card on December 9th, 2020.

The launch happened at Mapeera House, which is Centenary Bank's Head Quarters.

Centenary Bank Managing Director, Fabian Kasi noted that, “One does not need to have an account with Centenary Bank to acquire the CenteVisa Prepaid Card, because it is not linked to any bank account! Therefore, cards will be issued to both our customers and other individuals who have the desire to go cashless and are above 18 years old.”

“What is required is for one to pre-load the money on the card, in advance, which they can then spend any time, anywhere wherever Visa is accepted,” added Kasi concerning the CenteVisa card operations.

Besides, the 2020 Quarterly Financial Stability Review by the Bank of Uganda, indicates that the value of payments made using debit cards increased from UGX670.3 billion in 2019 to approximately UGX3.2 trillion in 2020.

This is attributed to the strategies taken by players in the financial sector have made. These include the promotion of the usage of cashless transactions as a gauge to curtail the risk of COVID-19 transmission to customers and the public.

The Country Director, Visa Uganda, Salma Ingabire stated that, “Visa is committed to delivering secure, convenient, and trusted payment solutions to all and leading the growth of electronic payments worldwide.”

“We are delighted to partner with Centenary Bank to offer the Visa Prepaid card services where the bank’s existing customers and the public can enjoy an apt banking experience, a development that is in line with our commitment to promote cashless transactions and deepen financial inclusion across the country,” she added.

As it is, acquiring a CenteVisa prepaid card will set one back by UGX50,000 which is the minimum initial card loading deposit amount. One is also required to go with a valid National identification and one colored passport size photo.