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United Bank for Africa (UBA) has obtained a licence from Visa to operate Point of Sale (POS) terminals in Zambia

According to UBA Zambia chief executive officer, Stanley Ugwueze, the bank is currently the third financial institution in the country to provide this service.

“We are now able to provide VISA and Mastercard acquiring POS terminals with the capability to accept Mastercard and Visa cards from other banks,” Ugwueze said.

Some of the benefits for customers are having the convenience of not carrying and handling any cash as payments are handled electronically and also special cash back feature.

The cash back feature allows the customer to make a payment for goods bought, but also ask for cash back on top of the purchases. This saves the customer time going to an ATM or a branch to withdraw cash,” he explained.

Merchants benefit by not holding large sums of cash where there is always a chance of theft and reconciliations for merchants will be readily provided through consolidated reports.

“We are currently distributing our POS to all merchants and we intend to have 1,000 in the market by year end,’’ Ugwueze added.

Another service available on the UBA e-banking suite is the UBA U-Collect.

UBA U-Collect enables a client accept payments for goods and services on the web via UBA payment gateway,’’ he said.

This service is integrated into a client’s website to enable customers make online payments via any card that is accepted online including Visa.


Nawa Mutumweno

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