Sterling Bank Plc’s utility payment card was recently adjudged the ‘Card with the most utility relevance for the cardholder,’ at the Digital Pay Expo awards which took place in Lagos.
The payment solution introduced by the bank eliminates challenges associated with Bus Rapid Transit (BRT) such as facing long queues to purchase a ticket or handling exact cash fares for a trip.
According to a statement, out of seven award categories at the event, two cards were nominated for the most utility relevant card category with Sterling Bank’s FarePay card emerging as winner in the category.
FarePay cards are built on a contactless payment technology, with a connected bus validator system linked to the users’ bank account allowing passengers to ‘tap in and tap out’ of BRT buses with ease.
Commenting on the award, the Executive Director, Corporate and Investment Banking, Sterling Bank Mr. Yemi Odubiyi, said: “FarePay card was designed to ease the hassle associated with mass transit across Africa.
“Barely a month after launch, we have facilitated over 30,000 trips within Lagos with the FarePay card and we are looking to replicate this system across the continent.â€
He thanked DigitalPay Expo for creating a platform that recognised and rewarded innovation in the Nigerian tech space, adding that the two-day exhibition gave the Farepay team an opportunity to meet with some of the people the solution was designed for whilst also offering technical support and educating users at the same time.
FarePay cards are prepaid and reloadable through the user’s bank accounts and can be activated through an ATM or USSD. Card holders are no longer burdened with facing long queues for tickets or having to carry the exact fare for trips.
On his part, the Group Head, E-Business at Sterling Bank Mr. Gbenga Adams said: “FarePay is all about offering a convenient and flexible lifestyle for the user.
“Before FarePay, there was nothing like it across Africa where card owners can load as little as N500 to as much N5m on a card and the exact value of the trip is deducted each time a rider taps in or taps out of a bus.â€
