This week (27th November – 1st December) marks the 4th annual Kick-the-Cash Campaign, enabled by Visa, the global electronic payments company. The aim of the week is to promote card usage in daily transactions amongst Batswana consumers, no matter how small or great their purchase may be.
“Whilst cash has historically been the most popular mode of payment in the country, Botswana has made great strides towards becoming a cashless society. However, we believe education campaigns that teach consumers about card usage and its benefits will further open up the economy,” said Visa Country Manager for Botswana, Jackie Malaba.
Research has shown that the uptake of card usage is most definitely on an upward trend, with consumers making better use of cards to pay for everyday items such as fuel and food. Year-on-year comparisons show that card usage has increased in Botswana and, over the last 12 months, a growth rate of 22 percent has been shown.
As more consumers realise the convenience and security that electronic payments offer, they become more comfortable paying with plastic rather than cash. Various campaigns have educated consumers on the multiple benefits of using a card rather than cash. Examples of these benefits include convenience and greater safety. Financial education is a critically necessary skill because it affects the way individuals handle money as well as their finances in general. It is fundamental in empowering people to take charge of their financial destiny, as money matters impact on almost every aspect of our lives.
Malaba goes on to say: “Education plays a pivotal role in ensuring the move into the formal financial sector. It is through educating consumers on the numerous benefits of card usage, such as ATM cash withdrawal, point-of-sale or swipe machine or online, that this can happen.”
One of the objectives of the Kick-the-Cash campaign, which will run at the Riverside Mall and Galo Shopping Centre, is to help demystify existing myths. Importantly, support is also encouraged through merchants, i.e. the more merchants that acquire and install point-of-sale machines, which provides a card payment option, the higher the uptake from consumers is likely to be. Botswana has made significant headway in financial access and inclusion so more Batswana can access formal banking services. Visa continues to encourage the use of debit and credit cards in the market, as safe and convenient ways to transact on a daily basis.
