Providus Bank has launched a new product named ‘AmphiCard’ in cooperation with Mastercard. The AmphiCard is the first of its kind in Africa, the Middle East, and Eastern Europe.
It is a collection and payment system for small and medium-sized enterprises (SMEs). It functions as a two-phased payment and collection card, using Mastercard’s payment gateway service and providing a secure alternative to POS devices for business collections.
The product launch, which took place on Tuesday, November 29th, 2023 at its Lekki branch, was attended by key figures such as Mr. Walter Akpani, the MD/CEO of ProvidusBank; Kingsley Aigbokhaevbo, Deputy MD, and Deoye Ojuroye, Executive Director, Dayo Adenike, a representative from BOI; Temitope Fafiyebi, Accounts Manager for West Africa at Providus Bank
Kari Tukur, Mastercard’s VP of Customer Solutions for East and West Africa; Elliott Sangoleye, Head of E-Business; Lanre Ogundare, Head of Card Business; Mr. Chike [Surname], a Bank of Industry representative; and other stakeholders and small business entrepreneurs all praised the innovative new entrant to Providus Bank.
Mr. Walter Akpani underscored Providus Bank’s dedication to digital payment innovation, saying, “This is the first of its kind, the first in Africa, the Middle East, and Eastern Europe.” Thank you, Mastercard, for considering us a valued partner.”
AmphiCard’s unique value proposition is its safety and efficacy as a business collection alternative to POS machines. It enables business clients to use the card for both payments and collections. The card can be used in ATMs, POS terminals, and for online purchases. Customers can interact with any SME using any camera-equipped phone, providing contactless tap-to-pay capabilities.
Mastercard’s Kari Tukur emphasized the company’s commitment to payment innovation, emphasizing relationships with other groups. She lauded AmphiCard for tackling the challenges encountered by small and medium-sized businesses (SMEs) and providing contactless tap-to-pay for inclusive payment convenience.
Deoye Ojuroye highlighted the product’s benefits, adding that it is a good alternative to POS with no chargebacks. Lanre Ogundare, Head of Card Business at Providus, described AmphiCard’s capability as a work tool for retailers that smoothly connects payment and collection. For example, the card employs QR codes to lessen the possibility of malfunctions associated with traditional POS systems.
Lanre Ogundare summarized how it works, saying, “When the QR that is created for the SME is scanned, it will take the individual to a payment page where you can complete the transaction. When an individual brings a card to make a payment, the merchant collects the money through the card.”
Additionally, retailers can use the same card to make payments and withdraw cash from ATMs. As a result, the AmphiCard ensures that potential failures are minimized.
