State Bank of Mauritius (SBM) has rolled out a fully operational chip card infrastructure.
The infrastructure includes chip cards, chip-reading terminals and related bank systems.
The move is part of an international drive to replace magnetic-stripe bank cards with chip-based cards, also referred to as EMV-compliant cards.
EMV stands for EuroPay, MasterCard and Visa, the card associations that agreed on a standard for the chip system.
SMB says its credit card chips have the power to be programmed with spending and usage limits, making it possible for the chip to authorise transactions and remove the need for a terminal to contact the bank, making transactions faster, cheaper and more reliable.
"SBM is proud to be the first bank in sub-Saharan Africa to issue a chip card," says CEO Chaitall Gunness.
"Chip technology is a key platform for the global payment industry in the future, and this is a significant milestone for SBM in our overall migration from magnetic stripe to chip cards."
"Globally and in the CEMEA (Central Europe, Middle East and Africa) region, Visa is working closely with the member banks to accelerate the migration from today`s magnetic stripe payment cards to EMV chip technology," says Rob Clark, senior VP and GM for sub-Saharan Africa at Visa CEMEA.
"Visa CEMEA`s goal is to establish a comprehensive EMV chip infrastructure in the region by 2006," he adds.
"Visa has been working closely with SBM over the last several months in providing business and technical support and consultation to ensure a smooth EMV migration process."
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