Ecobank Rwanda ltd, a member of the Ecobank Group, the leading pan-African banking network with a presence in 35 countries, has rolled out a CHIP technology for all its Visa Debit card products.
The CHIP card offers high level security due to an embedded microprocessor that will enable customers carry out transactions at ATMs and Point of Sale (POS) in a more secure way.
The microprocessor enhances security against the use of skimmed or stolen account data, a trend that is gaining ground with ATM fraud cases in the world market.
Statistics show that there is an increasing option of using debit and credit cards as a preferred means of settling payments around the world, currently we have over 290,000 cards with which 75,257 are international cards in our market.
Commenting on the new product, Ecobank Rwanda Ltd Managing Director Gilles Guerard said, “We never stop to improve the security of our customer’s funds and one of the major challenges facing the card industry is theft and fraud cases involving cards as a result of limited security features.”
“With our new Chip technology, we will be able to fight such cases through various card usage restrictions such as Personal Identification Number (PIN) authentication for POS transactions and data authentication to protect against counterfeit.”
“This development is a further step to our commitment to provide our customers with innovative and secure solutions for their ever changing needs,” he added. Ecobank Group has embarked on this project across its 33 countries where it operates in line with its strategy of ensuring convenience, accessibility and reliability for all its products.
Ecobank has been at the forefront of creating innovative financial solutions and delivering customer value through its extensive range of unique and diversified products with tailor-made high quality service propositions for its customers.
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