Guaranty Trust Bank introduces the GTBank Debit Mastercard in Uganda

Guaranty Trust Bank (GTBank) has launched the GTBank Debit Mastercard in Uganda with the aim to build a stronger financial payment sector and ensure all citizens are financially included.

In June, GTBank became the first issuer of Mastercard in Uganda, signalling a key milestone for the country. There are three GTBank Debit Mastercards available – including: Standard Shillings, Dollar and Platinum – each providing different benefits, but all supporting the shift towards a cashless Uganda.

Olufemi Omotoso, MD, GTBank, said: “The GTBank Debit Mastercard provides our cardholders with the latest in electronic payments, and gives them peace of mind that their funds are safe. The debit card is chip and pin enabled, and is protected by EMV technology – a global payment standard. We remain committed to introducing the very best solutions in Uganda, and ensuring accessibility to everyone”.

He further stated that opening an account with GTBank puts a Mastercard in your hand irrespective of the type of account.

The debit cards will help citizens move beyond cash by providing a convenient, fast and secure way for cardholders to pay for goods and services in supermarkets, hotels or online transactions such as ticket and travel visa payments, shopping, and at millions of locations worldwide where Mastercard is accepted. Cardholders will also be able to withdraw funds from 300 Interswitch ATMs within Uganda and one million ATMs in over 210 countries, providing them full control over their financial wellbeing.

“We share a vision of a world beyond cash, where all people are financially included into the economy. Introducing the debit cards in the country is a key milestone for us as we ramp up activity and investment in Uganda. We are excited about the partnership with GTBank, and are eager to introduce efficiency to the payment sector,” said Chris Bwakira, VP and Area Business Head, East Africa at Mastercard.

Going cashless comes with a number of benefits. Electronic payments help consumers to track and monitor expenditure as it provides a history of transactions being made, thereby allowing cardholders to budget, ultimately helping them to save. In case a payment card is stolen, no one else is able to use it as they will not have the security pin needed to withdraw funds or to pay for items in-store while cardholders are able to not only transact in their home country, but also at millions of acceptance locations across Africa and the rest of the world.

GTBank has operations in Nigeria, Cote d’Ivoire, Kenya, Rwanda, Uganda, Gambia, Ghana, Liberia, Sierra Leone and UK.

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