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South Africa's Postbank launches new Visa debit card

May 16, 2006

My Broadband: Visa International has begun replacing Postbank's ATM cards with Postbank Visa Electron cards. The rollout follows last year's agreement between Visa and Postbank to offer Visa products and services to its customers. With more than 2,000 outlets situated countrywide, Postbank through the South African Post Office offers financial and savings products and services. Postbank holds 40 percent of the market share of Mzansi accounts. This has been achieved without a mass conversion of Postbank's traditional accounts to Mzansi accounts, which are geared toward the unbanked. (Read also, Reaching the unbanked: Learning from South Africa's FIs.) A key reason for growth in this area is the convenience and relatively low cost of cards, compared with other payment methods.

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