Visa Inc. announced a significant step to bringing access to secure financial services and electronic payments to consumers in developing countries by introducing a new product serving the needs of unbanked and under-banked consumers. The new product, a Visa prepaid account that can be accessed through a mobile phone, offers consumers in developing countries a secure, reliable, globally interoperable electronic payment account.
MTN Group, a leading telecommunications provider in Africa and the Middle East, plans to offer the new Visa product to MTN Mobile Money customers across its markets. As part of the launch, the new product will be available to customers in Nigeria and Uganda.
Today, more than one hundred mobile money programs provide consumers in developing countries with basic financial services, with several more being planned by mobile network operators and financial institutions. Visa’s new product will enhance the security, scale and interoperability of these mobile money programs, while extending their payment functionality by enabling account holders to send funds to each other, send and receive international remittances, make purchases at merchants or online where Visa is accepted or withdraw funds at a Visa ATM.