Listed National Bank of Malawi (NBM) plc has partnered with Mastercard to issue Multi-currency Cash Passport prepaid cards in Malawi, which give cardholders a safer and more convenient alternative to foreign currency notes when travelling.
The Multi-currency Cash Passport card can be loaded before departure with US dollars, Euros or both currencies. The cardholder can then use the card globally to pay for goods and services at millions of restaurants, hotels, shops, and online merchants where Mastercard is accepted. The card also gives instant access to cash from ATMs that display the Mastercard Acceptance Mark.
NBM plc Card Acquiring Manager Stewart Tepelunde said in an interview yesterday that using the Multi-currency Cash Passport means travelers lock-in the exchange rate for each currency so they can better plan what they have to spend adding that the card can be managed on the go by using the mobile app, which allows users to move money between currencies, check their balance and track spend from anywhere.
“We are very happy that as a bank we have been entrusted with this responsibility of being Mastercard’s issuer of the Multi-currency Cash Passport cards in Malawi. Three main priorities for cardholders when travelling are safety, the convenience of being able to use a payment card worldwide and not spending a fortune on unplanned fees. The Multi-currency Cash Passport provides peace of mind for all of these,” said Tepelunde.
Mastercard Country Manager for Malawi and Zambia Vincent Malekani said they are excited to partner with NBM plc on issuing their prepaid cards in Malawi.
“Our prepaid currency cards have been live in the market for several years and we’re pleased to start a new partnership to ensure its continued success. With travel now starting to resume across much of the world, we want to ensure consumers have a secure and convenient way to pay, while providing increased flexibility and security to travellers,” said Malekani.
He said people can get a new Multi-currency Cash Passport from any participating purchase location of the seven distributors in Malawi.