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TheStreet Open House

Prepaid Financial Services Launch MADI Express Prepaid MasterCard Card In Botswana

Stocks in this article: MA

LONDON, November 12, 2012 /PRNewswire/ --

- Ground breaking industry collaboration to introduce a more financially inclusive payment solution

Prepaid Financial Services (PFS) has announced the launch of the MADI Express Prepaid MasterCard card in Botswana, in a move that introduces more innovative and financially inclusive payment solutions to the country.  The prepaid card is a collaboration between PFS, Prepaid Debit Card Services (PDS), Kingdom Bank Africa Limited and MasterCard Worldwide, and will introduce more convenient, quicker and safer ways to transact to Botswana's citizens.

The MADI Express Prepaid MasterCard card is available in Botswana's local currency, the Pula (BWP), and represents the first MasterCard Prepaid card to be launched and issued in Botswana. This introduction of a prepaid payment solution will assist stakeholders develop a more financially inclusive and modernised economy, by empowering consumers, businesses, retailers and the government to operate more efficiently with less dependence on cash.

The MADI Express Prepaid MasterCard allows cardholders to load funds with ease using their debit or credit cards, a bank transfer, or by loading cash directly at registered locations, for those customers without bank accounts.  Purchases such as mobile airtime, groceries, tickets for events and travel can be made, and the prepaid card will also enable cardholders to pre-load funds to use the card as an electronic savings wallet, helping cardholders save funds for larger purchases.

Noel Moran, CEO of PFS stated: "The MADI Express Prepaid MasterCard card launch is another example of the growing adoption of prepaid cards in developing countries across the globe. PFS is uniquely positioned to provide full end-to-end prepaid solutions to clients and their customers throughout Africa, in collaboration with our partners.  This launch represents the first of many programmes that PFS will roll out in the region, and we are delighted to be leading these prepaid developments across the African continent."

"The prepaid card removes the need to carry cash, and will give users access to electronic payments via ATM's and point of sale (POS) terminals across Botswana, and at 33 million MasterCard acceptance locations around the world," commented Charlton Goredema, market manager, Southern Africa, MasterCard Worldwide. "The MADI Express Prepaid MasterCard card is expected to appeal to consumers who are conscious about budgeting and money management, as well as those who are risk averse and looking to reduce their exposure to fraud.  A formal bank account is not required to apply for the card, which means that the safety and convenience offered by this innovative product can be accessed by all of Botswana's citizens."

"With features such as SMS account management, real time card blocking by SMS, and the ability to have linked primary and secondary cards, the MADI Express Prepaid MasterCard card allows cardholders to share money with other cardholders.  Parents can now provide their children with access to funds while exercising a degree of financial control, helping to educate these young adults to budget and manage their money without the risk of getting themselves into debt," Moran added.

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