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Intercontinental Bank Rolls Out MasterCard

Posted by This Day Online on 2005/07/06 | Views: 467 |

Intercontinental Bank Rolls Out MasterCard

Intercontinental Bank Plc has commenced the issuance of MasterCard in Nigeria, with some features, which industry watchers said would elevate the credit card financial services in the country.

Intercontinental Bank Plc has commenced the issuance of MasterCard in Nigeria, with some features, which industry watchers said would elevate the credit card financial services in the country.

MasterCard is a dollar-denominated credit card that enables the holder to make payment for goods and services anywhere in the world without cash.
It is a safe, flexible, convenient and comprehensive payment system accepted all over the world.

The unique selling proposition of the Intercontinental MasterCard is its accessibility.

Commenting on the Intercontinental Bank MasterCard, it’s chief executive officer, Dr. Erastus Akingbola, said the cost of acquiring the cards has been lowered considerably to allow more Nigerian access to unrestricted global payment.

"We have standardized and categorized this product to make it convenient, affordable and easily accessible. All that a customer needs to acquire the card is just 150 U.S. dollars, which is over 66 per cent lower than what competition is offering", he said.

The Intercontinental MasterCard is categorised into four levels, they include the Standard (classic) Category with entry as low as $150 to $999; the Intermediary category which attracts an entry point of $1000 and can be funded up to $2,499. The other categories are the Bulls Eyes and Elite Cadre, which attract entry points of $2,500 and $5,000, respectively.

One of the advantages of MasterCard is that it makes business transactions quicker than cash and safer than cheques. Holders of
Intercontinental MasterCard can shop around the world through automated teller machines (ATMs). The card also enables Internet shopping.
According Dr. Akingbola, "Intercontinental MasterCard is the best way to pay in today's rapidly evolving environment because it is secure, convenient and priceless".

The bank is also offering the Maestro Debit card, which will be denominated in naira, the first in Nigeria. The Maestro Debit card, which is anchored on the MasterCard brand, is an internationally accepted debit card convenient for shopping and withdrawals via ATMs.

It is an "electronic cheque book" that allows 24 hours access to your account without the need for cash and cheques. Comes with PIN-based, private security access system that eliminates fraud in case of loss of card. It is also an easy way to tracking spending
The bank is hoping to leverage on its top position in the banking sector and branch network nationwide to drive the product.

The impressive financial performance by Intercontinental Bank in 2004 saw the bank recording superlative performance in all major performance indicators. Group earnings stood at N32.8 billion, representing a quantum leap from the N21.4 billion achieved in 2003. Group profit before tax rose by 88.4 per cent to N8.1 billion, while total asset stood at N203 billion, representing about 110 per cent growth over the previous year's.

With the successful public offer, the bank's capital base is now N34.7 billion. When the merger with Equity Bank, Gateway Bank and Global Bank later the new Intercontinental Banking Group is expected to have total assets of over N225 billion, total deposit of over N150 million, while Shareholders' Funds and Branch Network will grow to over N50 billion and 170 respectively.

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Comments (3)

Abieyuwa(Edo, Nigeria)says...

Otasowie means evening life is better than morning life. There is an error in your “evening life is better than evening life”?

Naija g(Houston, Minnesota, US)says...

Sokari doesn’t mean joy. Joy is Biobela. Go to the village and ask the meaning of the name.

Fay(Katy, Texas, US)says...

Actually translates to bravehearted.