In the near future users will also be able to make bill payments for utilities such as water, electricity, gas, cable TV, mobile phones and broadband, by using their MADI Express Prepaid MasterCard card and further enhancements are already underway to allow users to purchase their card and load it with cash at various stores and retail outlets across Botswana.
Favor Kelapile Marebole, Group Managing Director at Prepaid Debit Card Services, was delighted with the launch and commented: "The launch of the MADI Express Prepaid MasterCard card in Botswana, in partnership with reputable global payments service providers like PFS and MasterCard, is a key milestone in our efforts to address challenges faced by the country's under-banked and unbanked communities."
"These challenges are mostly felt by the poor and middle income communities in rural areas - almost 36% of the total Botswana population. We are excited about the positive implications that this payment solution will have for these citizens, a sentiment echoed by all stakeholders including public sector organisations, NGOs and the private sector," Marebole noted.
Peter Mukunga, Acting Managing Director at Kingdom Bank Africa Limited commented "We are delighted to partner with Prepaid Financial Services and MasterCard in bringing the MADI Express Prepaid Card product to Botswana. It is clearly evident that with the increasing convergence of telecommunications technology and financial services, banking is no longer a preserve of the affluent. It has always been our objective to demystify banking, promote financial deepening and improving access to financial services across Sub-Saharan Africa and we believe the issuing of prepaid cards is one such cheap and convenient way of achieving this".Businesses can also stand to benefit from the introduction of the prepaid card, as the payment solution can be used for making payments to full time employees or to non-salaried workers, who hold informal employment and do not have banking accounts. Prepaid cards can also serve as an excellent replacement for existing corporate Travel Card programmes and entertainment expense schemes, which are cumbersome to monitor and are particularly vulnerable to fraud. Government will also be able to securely distribute funds to social grant beneficiaries.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV