2016-05-19Staff Report 2 Windhoek Nedbank is currently rolling out cards with improved security features to its current and savings account clients. This is part of a process to completely phase out old magnetic strip cards and replace them with improved and higher security chip-and-pin technology. The new cards are embedded with an integrated circuit (a chip), which is unlocked with a pin and cannot be cloned. The technology provides a major security improvement on the old magnetic strip cards and Nedbank is currently one of only two major commercial banks in the country to issue them. The new cards allow clients ATM access around the world, free transactional SMSes to track card transactions and have a preset limit of N$3 000. The cards are also Europay, Mastercard and Visa (EMV) compliant and can be used anywhere in the world where these payment systems are offered. Nedbank savings and current account holders are encouraged to visit their nearest Nedbank branches to trade in their old cards for the new chip-and-pin cards. The exchange process takes about five minutes at no cost to the client for the first card. Banking clients should also take note that the Bank of Namibia has requested all current and savings account cards issued by commercial banks to implement chip-and-pin technology by March 2017, after which the use of old magnetic strip cards will be phased out. For added convenience Nedbank clients can visit the Nedbank Namibia stall at the Namibia Tourism Expo between May 18 and 20 to exchange their cards with minimal effort. 2016-05-19Staff Report 2
