The use of prepaid cards as a substitute has gained significant popularity in recent times, especially for project participants who may not have access to traditional banking services and Internet facilities.
One of the primary advantages of prepaid cards is that they are easily accessible to individuals who are unbanked or underbanked. Unlike e-wallets, a prepaid card does not require the user to have a formal bank, BVN, NIN, or even a phone number. Meaning, that beneficiaries who may not be able to open a bank account or do not have access to a phone due to various constraints can still receive funds and make purchases using the prepaid card.
One of its peculiarities is that it gives beneficiaries the edge and control over their spending. It can be used anywhere either with POS or ATM and it’s well recognized.