Nedbank, a South African lender, has rolled out chip-and-pin cards, as part of its plan to phase out magnetic stripe cards in Namibia.

Embedded with an integrated circuit (a chip), the new cards can be unlocked using a pin and is clone-proof. The bank is issuing the new chip-and-pin cards to its current account and savings account holders.

At any of the Nedbank bank’s branches, the accountholders can exchange their current magnetic stripe card with a chip card free of cost.

The new cards have a cash withdrawal limit of NAD3,000 ($192). It provides free text messages to track transactions, according to the bank.

The lender said that cards are also EMV compliant and can be used at any EMV-enabled ATM or POS terminal across the globe.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Bank of Namibia has mandated that all cards issued by the financial intuitions, implement chip-and-pin technology by March 2017.