Peter Ndu Iwegbu, Group Head, E-Business and Payments at Access Bank, spoke with Tokunbo Olajide
Q: What makes VISA card special compared to other credit cards?
A: One of the major reasons why VISA is a preferred means of doing card business is that it is a global brand. It is available everywhere in the world. It has the highest number of locations where you can use it worldwide. It is the most secured credit card in the world because it is protected by a pin and a chip. Most cards you have around today are basically match-scribed. In terms of security features, they are a little bit exposed, but VISA is secured. And VISA has gone further to also protect those who are doing internet purchases by coming out with what they call “V by V”, which means “verified by VISA”. That means that every internet transaction initiated with a visa card is verified and secured by VISA.
Q: The awareness about VISA in Nigeria is still very low. Why is this so?
A: Well, you may say so for Nigeria, not worldwide. Even in Nigeria, those who are widely travelled know about VISA. And more Nigerians are now looking forward to having VISA card more readily available in the country.
Q: When did Access Bank begin issuing the VISA card in Nigeria ?
A: We started in October last year. We started with some trial runs, and effectively in January this year, we went full blown. We have done a lot of campaign, a lot of awareness has been created. But it is not enough because of the population. Most Nigerians are still very crazy about cash, making it difficult for the new card culture to grow. But the awareness about using credit card is gradually growing by the day.
Q: What are your targets for VISA card in Nigeria ?
A: Our target is that by December, this year, we want to ensure that at least, 100,000 Nigerians who travel out regularly use our card as a means of payment. Before you can appreciate the value of this card, you need to travel out of the country and see how easy it is for you to make payments. Even though there are places here in Nigeria that you can use the card, we are using travel as a fundamental basis to look at people who would need this card.
Q: What are the requirements for using VISA card; must the person have an account with Access Bank?
A: You don’t necessarily need to have an account with the bank. But for you to qualify to use the card, you have to open a card account, which is not the conventional account that is used. So in a way, you have a relationship with us because we will maintain your transaction details in your card account.
Q: Do you give an account holder any concession for using VISA card?
A: Yes, once you have an account with us, it gives you an advantage because that readily qualifies you to use the credit card. It means that the conditions which are required for granting credit cards will be a bit less because we already know the person, we understand the person doing business with us, therefore, we can easily give him a clean credit card.
Q: Since last year that you started issuing the VISA card, how has the response been?
A: Today we have about 40,000 of the cards issued to Nigerians, and the call is growing by the day. And I earlier told you that by December, we are looking at having about 100,000 people using it. We have no doubt we will meet this target.
Q: In the league of internationally acclaimed credit cards, where is the VISA card?
A: VISA card is number one! They control over 60 per cent of the electronic payment market in the world. In the US, it is almost like 90 percent, and in UK and Europe it is about 40 to 45 per cent. So VISA has the highest market share worldwide. This is a fact that can be verified.
Q: How did the VISA card become the market leader?
A: I would just itemise the reasons: VISA is more secure, VISA has more acceptable points where you can use it, it started more like a non-profit organisation that was providing social services and spreading them around the world, so they are now everywhere.
Q: How many countries exactly?
A: VISA is available in over 180 countries worldwide. Though Access Bank started issuing it in Nigeria last year, Nigerians had been using it before then. But what you can call a VISA card issued by a Nigerian bank began in October last year, and Access Bank is proud to be that bank.
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