ChamsMobile, Skye Bank to Launch Virtual Visa Card In Nigeria

ChamsMobile and Skye Bank Plc. signed an agreement to launch a Virtual Visa Card in Nigeria – an entirely digital payment card for online and mobile use.

Virtual Visa Card programs have had great success in Asia and Europe, and this new program will expand financial inclusion to millions of Nigerians.

The new Virtual Visa Card will be available in March from ChamsMobile & Skye Bank.

Mr. Gavin Young, deputy managing director, ChamsMobile, said that he was excited to partner with Skye Bank on the new virtual payment solution, which was developed with the company’s international joint venture partners Bancore and Global Technology Partners (GTP).

According to Young, with the Virtual Visa Card offering on mobile phones, millions of Nigerians will have access to payments and make purchases, along with a range of other services, by using a Visa card from their phone & other electronic devices, with the benefit of access to the global digital economy.

“E-commerce savvy users can shop securely online and those without a formal banking relationship will suddenly have the means to make their money work for them and move towards financial inclusion,” he said.

Also speaking, Mr Akinwale Ojo, head, E-Channels, Skye Bank Plc, said, “the bank chose to work with ChamsMobile, and its card processing partner GTP, based on careful consideration of the benefits all parties could bring to the table and in consideration of how the bank could best serve the millions of Nigerians with this product, and particularly those who may be financially excluded, requiring a low cost yet fully inclusive financial services offering.”

On his part, Ade Ashaye, country manager for Visa in West Africa stated: “Our strategy of bringing world class innovation to Africa continues to make shopping online and via traditional channels much more convenient. Visa’s Virtual Card will make a real change to the lives of Nigerians by helping them to safely access the digital economy and participate in ecommerce.”

ChamsMobile is a CBN licensed Mobile Money Operator who offers financial services and a safe and innovative ‘bank-like’ mobile platform experience, enabling any Nigerian to be financially included and to participate in the global economy.

Skye Bank PLC has evolved into one of the top financial institutions in Nigeria, after its very seamless consolidation exercise in 2006.

With a cumulative wealth of experience that spans over 50 years, Skye Bank is historically one of the oldest banks in Nigeria and West Africa.

They are quoted on the Nigerian Stock Exchange with over 450,000 diverse shareholders with a shareholding structure that puts no more than 5% in the control of any one individual or company.

And, Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments.

It operates one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 47,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.

Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers.