Nigerians Excited by CashCard’s Fund Transfer Capabilities
Nigerians have continued to express excitement over the fund transfer capability of the Cashcard, the pre-funded card powered by Interswitch, Nigeria’s premier transaction switching and payment processing provider. Aside from fund transfer, CashCard can be used for just about any transaction which range from making purchases on the Internet, buying groceries at the supermarket through a point of sale (POS) terminal to withdrawing cash from Automated Teller Machines (ATM).
Cashcard is a card that is pre-funded with cash which can then be used for the purchase of goods and services or any other transactions. Unlike a debit card, a holder of a CashCard does not need to operate or own a bank account. This is so because a CashCard is directly linked to a virtual account such that information and the cash value on the card are resident in a central database. This can be accessed through any of the various terminals such as ATMs, Point of Sale terminal (POS), mobile phone and website that are connected to the Interswitch network.
A spokesperson for InterSwitch stated that CashCard is not only used for payment and cash withdrawals, it is also used for funds transfer. The funds transfer capability of CashCard is one of the strongest features of the product. When a fund transfer is done from the CashCard website, a notification of the transfer is sent to the receiver through an email and sms. To put the card’s capability to the test, fund transfer can be made from one CashCard to another. This can be affected through the CashCard’s website, POS terminals and some designated bank branches. Funds can also be transferred from one CashCard to any bank account located in any of the 23 banks on the InterSwitch network. Today, the 23 banks include GTBank, Zenith Bank, Intercontinental Bank, First Bank, Afribank, UBA Group, Wema Bank, Unity Bank, Bank PHB, ETB and Skye Bank. Others are Fidelity Bank, Sterling Bank, Oceanic Bank and Ecobank, First Inland, Diamond Bank, FCMB, IBTC Chartered Bank, Union, Springbank and Access banks.
To verify the capability of the CashCard, opinions of various end-users were sought. One of the respondents is Mr. Matthew Adeleke, an engineer who works with a construction company in Lagos. He had transferred cash from his CashCard to the CashCards of his children who are undergraduates at the University of Abuja at a critical time “when traveling is not an option”.
He said “With my CashCard, I don’t have to go to the bank to transfer money to my children in the University of Abuja. Instead of traveling, all I have to do is to log on to the Internet and access the CashCard’s website (www.mynigeriacashcard.com) in thecomfort of my office. And, believe me, within minutes, the transaction is completed. It is so convenient.”
Mrs. Joyce Esohe Maiyaki, who works with one of the GSM companies, another cardholder, also attested to CashCard’s ability to transfer fund to any of the 23 banks.“Until I started using CashCard three months ago, I never knew that any fund transfer machine can handle inter-bank transfer within the country. With my CashCard now I transfer money to any account on the Interswitch network just at a token”, she said, adding that CashCard has come to solve the problems associated with money transfer in the country. Mr. Peter Ewesor, a businessman of repute who is an earlier adopter of e-payment systems said that he has always believed in the card payment option in thecountry.
“Cashcard, for me, is just taking it to another level. It is convenient, and it makes it easy for me to transfer fund to my business associates in other states whenever the need arises”, he said. He corroborated the fact that the charges are minimal compared to what is obtainable on other money transfer platforms. The standard charges on CashCard money transfer is N100, this is also one of the advantages that is driving the fast adoption of this product. This coupled with the fact that it provides online real-time monitoring of all transactions activities done gives the method of payment an edge over others.
Mr. Mitchell Elegbe, managing director, InterSwitch, said “the adoption of CashCard will reduce the dependence of the economy on physical cash, while making it possible for the under-banked and un-banked to enjoy the benefits of banking without operating abank account.”
Nigerians have continued to express excitement over the fund transfer capability of the Cashcard, the pre-funded card powered by Interswitch, Nigeria’s premier transaction switching and payment processing provider. Aside from fund transfer, CashCard can be used for just about any transaction which range from making purchases on the Internet, buying groceries at the supermarket through a point of sale (POS) terminal to withdrawing cash from Automated Teller Machines (ATM).
Cashcard is a card that is pre-funded with cash which can then be used for the purchase of goods and services or any other transactions. Unlike a debit card, a holder of a CashCard does not need to operate or own a bank account. This is so because a CashCard is directly linked to a virtual account such that information and the cash value on the card are resident in a central database. This can be accessed through any of the various terminals such as ATMs, Point of Sale terminal (POS), mobile phone and website that are connected to the Interswitch network.
A spokesperson for InterSwitch stated that CashCard is not only used for payment and cash withdrawals, it is also used for funds transfer. The funds transfer capability of CashCard is one of the strongest features of the product. When a fund transfer is done from the CashCard website, a notification of the transfer is sent to the receiver through an email and sms. To put the card’s capability to the test, fund transfer can be made from one CashCard to another. This can be affected through the CashCard’s website, POS terminals and some designated bank branches. Funds can also be transferred from one CashCard to any bank account located in any of the 23 banks on the InterSwitch network. Today, the 23 banks include GTBank, Zenith Bank, Intercontinental Bank, First Bank, Afribank, UBA Group, Wema Bank, Unity Bank, Bank PHB, ETB and Skye Bank. Others are Fidelity Bank, Sterling Bank, Oceanic Bank and Ecobank, First Inland, Diamond Bank, FCMB, IBTC Chartered Bank, Union, Springbank and Access banks.
To verify the capability of the CashCard, opinions of various end-users were sought. One of the respondents is Mr. Matthew Adeleke, an engineer who works with a construction company in Lagos. He had transferred cash from his CashCard to the CashCards of his children who are undergraduates at the University of Abuja at a critical time “when traveling is not an option”.
He said “With my CashCard, I don’t have to go to the bank to transfer money to my children in the University of Abuja. Instead of traveling, all I have to do is to log on to the Internet and access the CashCard’s website (www.mynigeriacashcard.com) in thecomfort of my office. And, believe me, within minutes, the transaction is completed. It is so convenient.”
Mrs. Joyce Esohe Maiyaki, who works with one of the GSM companies, another cardholder, also attested to CashCard’s ability to transfer fund to any of the 23 banks.“Until I started using CashCard three months ago, I never knew that any fund transfer machine can handle inter-bank transfer within the country. With my CashCard now I transfer money to any account on the Interswitch network just at a token”, she said, adding that CashCard has come to solve the problems associated with money transfer in the country. Mr. Peter Ewesor, a businessman of repute who is an earlier adopter of e-payment systems said that he has always believed in the card payment option in thecountry.
“Cashcard, for me, is just taking it to another level. It is convenient, and it makes it easy for me to transfer fund to my business associates in other states whenever the need arises”, he said. He corroborated the fact that the charges are minimal compared to what is obtainable on other money transfer platforms. The standard charges on CashCard money transfer is N100, this is also one of the advantages that is driving the fast adoption of this product. This coupled with the fact that it provides online real-time monitoring of all transactions activities done gives the method of payment an edge over others.
Mr. Mitchell Elegbe, managing director, InterSwitch, said “the adoption of CashCard will reduce the dependence of the economy on physical cash, while making it possible for the under-banked and un-banked to enjoy the benefits of banking without operating abank account.”
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