Credit Libanais, Visa and Codebase Technologies to empower Lebanon’s unbanked population

Credit Libanais has partnered with VISA and Codebase Technologies to enable Lebanon’s unbanked population with access to a fully digital payment channel. The partnership will see the trio develop a frictionless, omni-channel on-boarding experience for customers looking to acquire virtual prepaid cards. The initiative comes at a time when over 6 million Lebanese are struggling from utilising their debit and credit cards for purchases made abroad and online. Credit Libanais, worked closely with the Lebanese Central Bank to get the approval on the first digital prepaid eKYC by a Lebanese bank. This will offer the unbanked population in the country a fully digital channel via a mobile application to instantly apply for a virtual prepaid card allowing people across Lebanon a quick and digital solution for international and online payments. The solution, which is built using Codebase Technologies’ Digibanc Suite, will feature frictionless eKYC, omni-channel onboarding experiences, and enables Credit Libanais with rapid customer acquisition and customers with unique digital experiences. The Digibanc Suites architecture will support the necessary enterprise application interactivity requirements to ensure frictionless communication between various Credit Libanais systems: the bank’s card management system, AML, Email and SMS gateways, in order to validate the information filled by the user. Randa Bdeir, Deputy General Manager and Head of Electronic Payment at Credit Libanais, said, “We partnered with Codebase and VISA and came up with this innovative product that offers any Lebanese citizen the ability to apply for a virtual card through a mobile application with full eKYC process, thus reducing the need to visit the bank’s branches and go through the long physical application process.” He added that the solution will drive financial inclusion further and grant the unbanked population with equal opportunities to access useful and affordable financial products and services. Meanwhile, Tamer Al Mauge, Managing Director MENA, Codebase Technologies, said, “In line with Codebase Technologies vision of utilizing technology for a greater purpose, we can’t think of a better way to leverage our expertise and solutions to empower the people of Lebanon with a new way to access and use much needed financial services.” As for Visa’s Country Manager in Levant, Mario Makary, he highlighted that the initiative is in line with the company’s ethos of providing ‘access’ for all. “By accelerating digital-first experiences, we’re enabling the movement of money for everyone, everywhere. Our experience and resources joining forces with Codebase Technologies and Credit Libanais to help bring this service to the Lebanese customers is a milestone and we’re excited for the opportunities this will bring for the Lebanese market during these circumstances.”

Source: IPT