FBC Bank Launches MasterCard Prepaid Card for Zimbabwean Accounting Professionals

New payment card delivers an innovative payment solution to local professional community


Harare, Zimbabwe – FBC Bank Limited announced that they are introducing the MasterCard Prepaid card to members of the Zimbabwean Association of Chartered Certified Accountants (ACCA).

The FBC-ACCA MasterCard Prepaid card will provide Zimbabwean accounting professionals with the ability to transact safer, easier and more conveniently, by introducing an innovative electronic payment solution, thus removing the need for cash.

ACCA members do not require a bank account to apply for the prepaid card, and will be able to pay tuition and exam fees, monitor their balances, track spending and download statements via the FBC Bank online portal. Additionally, members will be able to use their cards at any of the 33 million global merchants that accept MasterCard and at 1.3 million MasterCard branded ATMs located around the world.

“The prepaid card will see us working together with MasterCard to develop a more financially inclusive Zimbabwe, by introducing electronic payments to members of the ACCA community. The FBC-ACCA MasterCard Prepaid card will allow us the opportunity to positively impact the lives of ACCA members by introducing a payment solution specifically designed to fulfill their needs,” said Mr. Agrippa G.R Mugwagwa, Executive Director – Retail Banking and e-Commerce, FBC Bank Limited.

“This prepaid card is easy to apply for, manage and use,” added Mugwagwa. “Applicants need only walk into any of our branches with their National ID and make a minimum deposit of $20 to get started.”

“This partnership with ACCA and FBC Bank is part of MasterCard’s passionate drive towards developing a world beyond cash, where we can use our understanding of the market to extend the benefits of financial inclusion and enable the local economy,” said Charlton Goredema, Market Manager, Southern Africa. “We look forward to taking solutions like these, ones that are innovative and drive change, and extending them to other sectors of the Zimbabwean economy and community.”

Goredema went on to note that MasterCard has developed relationships with key stakeholders in Zimbabwe in order to better understand the needs of its citizens, resulting in the development of the FBC-ACCA MasterCard Prepaid card. He emphasized that the development of symbiotic relationships with stakeholders is vital to the development of African economies, and that MasterCard has a shared vision with these accounting professionals – a Zimbabwean economy that is less dependent on cash and that is more financially inclusive.

The introduction of electronic payments remove the risks and costs associated with cash, and have been proven to be a catalyst for economic growth – a meaningful consideration for Zimbabwe for its own economic development.



Note to the Editor – MasterCard in Africa:

With an impressive track record, MasterCard has extensive experience across Africa with assisting governments, financial institutions and other stakeholders to introduce more financially inclusive economies.

MasterCard Nigeria recently collaborated with Flying Dove, a local retailer, to demonstrate the benefits of electronic payments to consumers, while in Kenya, the team worked with the regional retailer Nakumatt, to introduce a prepaid loyalty card to its local customers. Furthermore MasterCard is currently working alongside Equity Bank in East Africa to introduce five million debit and prepaid cards to its customers in Uganda, Tanzania, Rwanda and South Sudan, which will go a long way to developing a cashless Africa.

These projects, and the South African social grants payment card, are all clear demonstrations of how MasterCard is working to realize the vision of financial inclusion on the African continent.

About FBC Bank

FBC Bank offers a comprehensive range of services such as commercial banking, corporate banking, treasury and investment banking. It has a wide spectrum of customized products that meet the diverse needs of its customers. FBC Bank is the flagship subsidiary of FBC Holdings

About MasterCard

MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.

About ACCA

The Association of Chartered Certified Accountants (ACCA) is the global body for professional accountants. It offers business-relevant qualifications to people around the world who seek a rewarding career in accounting, finance and management. It supports 140 000 members and 404 000 students through a network of 83 offices and active centers worldwide. It works with governments, donor agencies and professional bodies to develop the global accounting profession and to advance the public interest.