|Join Nairaland / Login / Trending / Recent / New|
Stats: 1273235 members, 1747884 topics. Date: Monday, 24 November 2014 at 02:17 AM
|The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by kodewrita(m): 12:11pm On May 28, 2005|
Has anybody heard about the MasterCard/Maestro offered by stb . initial cost is $250 (roughly 40,000 naira)? That's more affordable than the one offered by Standard Chartered.
The only problem is the fact that ATMs are not as widespread as in other countries, (in car parks, markets, commercial districts etc).
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by Seun(m): 12:23pm On May 28, 2005|
STB appointed principal Mastercard Member
MasterCard International, the world’s leading payment solutions company, has appointed Standard Trust Bank Plc, as a principal member of its consortium of partner financial institutions worldwide.
The appointment, which is in recognition of STB’s dominant position in Nigeria allows the bank to issue the flagship MasterCard and Maestro Card; the debit card version of the MasterCard. The credit and debit cards would be dollar-denominated and acceptable as a means of payments for goods and services in over 210 countries at more than 22 million locations worldwide (shops to restaurants, hotels, internet and over 350,000 automated teller machines (ATMs).
STB is also a member of the ATM Consortium Limited (ATMC) which represents a collaborative effort to develop a shared infrastructure throughout Nigeria for participating banks (members and non-members alike) to dispense cash to their customers through the [b]ATM[/b]s of the consortium.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by kodewrita(m): 12:30pm On May 28, 2005|
but nigeria is not yet a cashless economy. that is bound to create difficulties
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by kazey(m): 12:59pm On May 28, 2005|
Apart from Nigeria not been a cashless economy, A possible problem that might arise is the acceptability by online merchants. When it comes to credit cards with Nigerian addresses, i would even raise an eyebrow seriously.
Well a lot might say,even the greatest America has a huge reputation in terms of credit card frauds within the country itself, But Nigeria is not America, we are Africans, and so far with our reputation online in terms of online frauds we would really face a lot of difficulties in getting accepted, especially when credit card is issued within Nigeria with a Nigerian billing address.
A lot of online merchants would be very skeptical because of the possibilities of chargebacks when a transaction happens to be fraudulent, and besides a lot of issues apart from frauds would come alive when utilization begins.
Well in short, i don't think Nigerian issued credit cards would really be of much use. But well we might not know, the trend might change. Online merchants could use policies such as "only ship to billing addresses" etc. That might be a possible solution, but really i am looking forward to the usage. Thats is really a good news.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by demmy(m): 4:30pm On May 28, 2005|
Are they really serious about issuing credit cards? in Nigeria? I can't even begin to imagine the criteria for getting one. And if it can be use after all.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by jese230(m): 9:52pm On May 28, 2005|
Well, it's a good development.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by diakim(m): 3:10pm On May 30, 2005|
Wait till when they tell you that the minimum balance on your credit card should be $2,500.00 You folks are in for a surprise
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by kodewrita(m): 1:27pm On Jun 01, 2005|
diakim its $250 not $2500. The earlier offer was more expensive. this came out last week and they claim they want to democratize debit and credit card ownership. First 5000 cards free.
I know because i visited standard chartered whenthey came out with their offer and i have called this bank too and they said "two hundred fifty"
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by Seun(m): 4:53pm On Jun 17, 2005|
What is the STB Mastercard?
The STB Mastercard is an International Credit Card. It is issued in partnership with MasterCard International and it's accepted in over 210 countries and at over 30 million locatons worldwide.
How do I get an STB Mastercard?
Simply take 3 easy steps: Get a card application form from any busines office of STB and designated branches of UBA and complete it. Also complete a Domiciliary Account Form (if you don't have one with us) for operating the card, and pay in the minimum collateral deposit amount of $250. A credit card with a minimum credit limit of $200 will be issued to you. You can increase the card/unit by increasing the collateral deposit.
Why do I need to cash-back/collatarise my MasterCard?
The absence of a credit bureau in the country means that we have to build relationships and credit rating histories of our customers before we can properly access their own personal credit-worthiness. So, in this introductory phase, customers would need to cash collaterize their mastercards. Over the course of our banking relationship with them, we can then rate them better for easier access to credit.
How secure is my card against craud?
STB masterCard is based on PIN-protected magnetic stripe technology to guard against unauthorized transactions. The bank has also deployed a robust Operations & Risk Management system to manage the risk associated with our MasterCards. Cardholders should however take care to keep their cards carefully.
What is the difference between the STB MasterCard and Maestro Cards
The MasterCard is our credit card and it is maped to a special card account, with a revolving overdraft facility while the Maestro is the debit version mapped directly to a customer's domiciliary account.
Can I pay naira into my masterCard Account?
The MasterCard and Maestro Cards are denominated in Dollars; the bank only accepts Dollar deposits into these accounts.
How can I make payments in other currencies since my cards are denominated in Dollars?
MasterCards can be used for payment in any internationally accepted currency. Currency conversions are done automatically agianst daily maintained rates at MasterCard. This enables customers to seamlessly make payments in the local currencies of the host country and be billed in their account currency; US Dollars in our case.
What is the cost of obtaining a MasterCard?
To obtain an STB MasterCard, customers would need to open a domiciliary account with a minimum of $250 and pay a $10 fee for the cost of the card. We are however waiving this fee ($10) in this promotinal phase, for our first 5,000 customers
Can the masterCard and Maestro be used for Internet purchases?
Yes, the masterCard can be used for Internet purchases; however, the Maestro can only be used on ATMs & selected POS devices.
For enquiries, call Uriel - 08056360649, Usoro - 08037139180, 012623245.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by obong(m): 2:05am On Jun 18, 2005|
I dont see the proble. Even the US that claims to be a cashless society isnt really cashless. Nigeria will do well, een with the pereption of curruption. Frankly, israel, US and various other countries are more notorious for credit card fraud that nigerians
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by joftech(m): 3:52am On Jul 26, 2005|
I have done some research on all the companies purporting to be offering credit cards in Nigeria, a lo and behold their names are not on the list of approved credit card issuer by some of the credit card companies they claimed to represent. Can somebody pls clarify these issues pls.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by kodewrita(m): 5:00pm On Jul 28, 2005|
i don't know where you did your research but i will tell you that my dad got one from zenith last week.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by Tobi(m): 5:31pm On Aug 17, 2005|
I have a question though....if its a dollar decimated account, does that mean that i must put physical dollar in the account o make it operative? Cant i just pay its equivalent in naira and STB will load the card for me at the prevalent rate?
i shld also add to the list of requirements that Seun wrote b4...
STB will also require that u open a current account to operate this Master card and they'll therefore demand for ur utility bills and a reference from a current account holder in any other bank. If u r a tenant like me , they will still ask to see ur NEPA bill even if its not in your name to show that u live in the address u gave them.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by TERFA: 8:55am On Sep 02, 2005|
Yes you must put physical dollars in your account. This is to comply with CBN (central bank of Nigeria) requirements.
The utility bill is to verify that you actually live at the address you state on your form. There are other ways of verifying this. e.g. visitation
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by otokx(m): 11:30am On Sep 12, 2005|
nigeria is and will still run a cash based economy. i wonder what becomes of this smart card business now that STB has metamorphized into UBA.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by SEGUN2003(m): 12:03am On Oct 25, 2005|
We must praise and encourage the idea of having a credit card in Nigeria instead of condemnig it. I have been living here in Brazil which is considered a third world country but you have all the technological facility of the first world countries, even better at times, over here any decent place from a bakery to a butcher not to talk of supermarkets and malls accept credt cards. Thus it is very shameful for me to travel down to my country and find out that no International credit card could be used, nor do they accept traveller's cheque either. So let's encourage the use of these stuffs, it means that slowly our Nigeria is entering a new era. Congrats
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by Odeku(m): 4:55pm On Oct 25, 2005|
God for Nigeria.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by LoverBwoy(m): 12:14am On Jan 03, 2006|
"it is accepted in over 210 countries at over 30million locations worldwide"
how many shops can i spend it in-in nigeria ?
since its operated in $$$$ dolllars $$$$, if i want to get something in a nigerian shop that accepts the mastercard how am i charged?
over here i can withdraw money from my credit card from the ATM, if i withdraw money from the stb mastercard ( or any other credit card in nigeria) do i get $$$$ dollars?
what are the charges if the customer use this card in other countries apart from nigeria?
are customers insured against fraudlent mis-use after reporting the card stolen/lost?
DOES IT REALLY TAKE 2MONTH+ TO OPEN A VIRTUAL PAL ACCOUNT WITH STB AND THE STAFFS HAVE ACTUALLY NEVER HEARD OF IT??/
this site in really informative!! its like da ask jeeves of nigeria [color=#006600][/color]
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by hadesanjo(m): 9:00pm On Jan 04, 2006|
I think Ecobank offers the best mastercard services. A couple of months ago, I went to check out the four banks offering that service - then STB, Ecobank, Intercontinental and Zenith. Ecobank was the best and the pioneer. They had the ED 250 MC category which allows a customer to start with as low as $100. I think that is "MEKUNNU" friendly enough.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by PrepaidNG(m): 3:10am On Jan 05, 2006|
Personally, I think this is just a prestige project for STB.
The greatest impediment to these cards is "acceptability"
or rather, "lack thereof"
Hardly anybody accepts these cards in Nigeria, and most
foreign online merchant will not accept purchases
originating from Nigeria...!....catch22
www.prepaidnigeria.com - A better way to recharge
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by cheetahcub(m): 7:33pm On Jan 08, 2006|
I have the STB Mastercard and it works just as well as my other credit cards issued abroad(Amex and Visa). I used this card throughout my recent vacation in France,Italy and The UK. It was never declined for either POS or ATM transactions. It was even accepted for inflight sales on my BMI flight from London Heathrow to Paris CDG. All that was asked for was my passport which is the standard procedure nowadays anyway. And it's true that apart from the $250 there is no large deposit required. You load the card and spend what you load onto it with only a small percentage held back as collateral. Sure beats the interest we pay on our regular credit cards.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by joftech(m): 8:10pm On Jan 08, 2006|
cheetahcub pls were you able to use it online too?
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by cheetahcub(m): 8:47pm On Jan 08, 2006|
I have used it on amazon.com and skype.com. Works perfectly! Also on yahoo
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by joftech(m): 8:52pm On Jan 08, 2006|
Thanks and God bless for the info.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by rasque(m): 12:52pm On Jan 14, 2006|
I am based in Nigeria here and have the STB mastercard..it has been serving me well for my online transactions...the only problem is getting my credit records...it takes forever to get it.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by Phoenix(m): 5:01pm On Jan 21, 2006|
You'll sink further in debt if you start using credit cards. American consumers are drowning in debt from credit cards, it will happen to you, too. Stop using credit and start using cash.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by cheetahcub(m): 12:59pm On Jan 22, 2006|
Hi Phoenix, There is no way you can be in debt with this kind of card. It is a credit card that operates on a debit card platform. You can only spend what you have on the card because it is prepaid.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by ksolo(m): 3:45pm On Jan 31, 2006|
I find this revelation from cheetahcub et al very amazing, cos i carry this card and since the day i obtained it, i have only been able to make payment for a software i downloaded for my handheld device and that took place in August 2005. All subsequent payments i tried making with this card where denied as the system complains of it's inability to get an authorization for the payment e.g-ebay. Reason for this, i honestly dont know. Maybe because the card originates from Nigeria or for other reasons unknown to me. All i know is that, the card has remained with me, utterly useless.
Out of anger i had to go to to an ATM machine to withdraw my money in cash, but ended up losing cos the machine paid me at the rate of 126/usd, about 19 Naira less than the amount i bought the $.
Lastly, I'd appreciate it if anyone can tell be a better medium of making online payment, that is legitimate and without prejudice to people residing in Nigeria, cos intend returning this this card back to the issuing bank.
Honestly we are not ripe for this system of payment.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by cheetahcub(m): 3:59pm On Jan 31, 2006|
Strange that your card is being declined. I have never had problems with mine. I have today used it twice on yahoo and it was approved without a hitch. I advice you call their e banking department. It is possible there is a problem with your card.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by joftech(m): 5:03pm On Jan 31, 2006|
I find this revelation from cheetahcub et al very amazing, because i carry this card and since the day i obtained it, i have only been able to make payment for a software i downloaded for my handheld device and that took place in August 2005. All subsequent payments i tried making with this card where denied as the system complains of it's inability to get an authorization for the payment e.g-ebay. Reason for this, i honestly don't know. Maybe because the card originates from Nigeria or for other reasons unknown to me. All i know is that, the card has remained with me, utterly useless.
In the last Wednesday Guardian (25, 2006), Mr. Basil Udotai of Nigeria Cybercrime Working Group pointed out this problem, he even said that most of the issuing banks staffs and management don't know such problem existed with their product.
some guys have said www.graphcard.com work well for them but i have never tried it before.
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by pendelite(f): 7:38pm On Feb 02, 2006|
what a waste of time. Banks spend so much time on hype and very little time offering what customers need. So can you use maestro online? No. So whats the point?
Less than one percent of the people here on nairaland will ever travel abroad to use the card so what are you paying $250 for?
There are so few atms where you can use it, what's the point?
You are better off with a card from graphcard at http://www.graphcard.com or naira2u.com and that costs 10% of $250
|Re: The STB Mastercard Maestro: Credit and Debit Cards in Nigeria by qleyo(f): 1:14pm On Feb 20, 2006|
Everyone seems to be going on about the credit card, and forgetting the maestro, a debit card does exactly as its named, debits your account. So ridding the need for cheque books. Honestly I'm all game for this. Yes there are risks but every system improves and patches its wholes and cracks as it develops.
If the nigerian system could really show flaws with a mastercard or maestro (and the chip and pin system) then obviously mastercard needs to go and check its system. With chip and pin, the only way someone can get anything out of your card is if they know your PIN number, and its as simple as that. So its a case of keeping delicate info to yourself e.g address, PIN number, card details etc
|Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health |
religion celebs tv-movies music-radio literature webmasters programming techmarket
Nairaland - Copyright © 2005 - 2014 Oluwaseun Osewa. All rights reserved. See Nairalist and How To Advertise. 79