Porsche achieves robust level of deliveries in 2020

Esan Bolaji
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Porsche achieves robust level of deliveries in 2020

Porsche delivered a total of 272,162 new vehicles worldwide last year, just three per cent below the record set in 2019.

In this respect, the sports car manufacturer benefits from its strong global positioning.

“The coronavirus crisis posed a great challenge from spring 2020 onwards. Nevertheless, we were able to keep deliveries comparatively stable for the year as a whole,” says Detlev von Platen, Member of the Executive Board for Sales and Marketing at Porsche AG.

Porsche achieves robust level of deliveries in 2020 Brandspurng

“Our fresh, attractive product range, the successful start of the Taycan as the first all-electric Porsche and the charisma of our brand – all this contributed to this positive result despite the difficult times.”

More than 20,000 deliveries of the Taycan

Taycan deliveries totalled 20,015 in 2020, despite a six-week pause in production just as the new model was ramping up, and despite many markets planning spring premieres.

More than 20,000 all-electric Taycan were delivered to customers worldwide brandspurng

The Cayenne led demand at 92,860 sales, an increase of one per cent compared with the previous year. Two-door sports cars were also very popular: a total of 21,784 vehicles from the 718 model lines found new owners – six per cent more than in the previous year. Deliveries of the iconic Porsche 911 totalled 34,328.

Growth in Asia-Pacific and China

Porsche delivered 88,968 vehicles to Chinese customers in 2020 – an increase of three per cent compared with 2019.

The Asia-Pacific and Middle East & Africa regions also continued to develop positively overall: 121,641 vehicles were delivered there, corresponding to an increase of four per cent compared with the same period in the previous year. Porsche delivered 80,892 vehicles in Europe and 69,629 in America.

After the robust 2020 result, Porsche is optimistic about further positive developments in 2021.

“We are continuing our product offensive – our customers can look forward to it. It will include additional derivatives of the all-electric Taycan and the 911, among others. We are full of optimism and looking forward to 2021, a year that will also be characterised by unique experiences with the Porsche brand,” says Detlev von Platen.

Porsche AG – Deliveries January – December
2019 2020 Difference
Worldwide 280,800 272,162 -3%
Europe 88,975 80,892 -9%
     Germany 31,618 26,152 -17%
America 75,367 69,629 -8%
     USA 61,568 57,294 -7%
Asia-Pacific, Africa and the Middle East 116,458 121,641 4%
     China 86,752 88,968 3%

US places Xiaomi on list of banned companies

Esan Bolaji
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US places Xiaomi on list of banned companies

The US Department of Defense has added more companies to its list of “Communist Chinese military companies” that can no longer receive investments from US citizens or organisations.

The latest list of nine companies includes Xiaomi. If the decision is not overturned, existing investors within the US would need to divest from the smartphone manufacturer.

Semiconductor Manufacturing International Corp (SMIC) was put on the tranche 4 version of the list, with Huawei, Inspur, China Mobile, China Unicom and China Telecom placed on earlier ones, among other companies. The US government names companies it says are national security risks, as they could have links to the Chinese government and Chinese military.

In a statement to Cnet, Xiaomi said it complies with all US laws and regulations, and that it’s not associated with the People’s Liberation Army.

“The company reiterates that it provides products and services for civilian and commercial use,” a Xiaomi spokesperson said. “The company confirms that it is not owned, controlled or affiliated with the Chinese military, and is not a ‘Communist Chinese Military Company'”.

Xiaomi told the Verge that it will review the potential consequences of the designation before taking action.

 

MTN rewards users with 1GB of data for downloading Covid-19 Alert app

Esan Bolaji
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MTN rewards users with 1GB of data for downloading Covid-19 Alert app

MTN recently announced that it is rewarding its users that download the Covid-19 Alert South Africa app with 1GB of data that is valid for one hour.

The telecommunications company said the following in a statement:

“In an effort to rally South Africans to download and use the Covid-19 Alert South Africa app, MTN has not only zero-rated its use but will reward customers with 1GB of free data for an hour after download as a reward for their efforts in fighting the pandemic.”

MTN rewards users with 1GB of data for downloading Covid-19 Alert app Brandspurng
Photo by Andrea Piacquadio from Pexels

The app, which was designed by Discovery for the National Department of Health, uses Bluetooth contact-tracing technology to let people know when they have been in contact with someone who has tested positive for Covid-19. It does this in a way that always preserves app user privacy and anonymity.

MTN SA’s executive for corporate affairs, Jacqui O’Sullivan, says:

“One of the critical aspects of combatting Covid-19 is the ability to detect positive cases early and to isolate as many contacts as possible. The Covid-19 Alert app gives every smartphone user in South Africa the chance to understand their exposure to the virus, so that we can all protect our families and our communities, and especially those people who are most at risk of severe disease.”

“For Bluetooth contact tracing to be effective, at least 10-15% of the population must download and use the app in a given area. At 60% uptake, suppression of the virus can be achieved. This is why we have taken the steps to zero rates and even reward our customers who have downloaded the app,” explains O’Sullivan.

MTN’s support of this initiative comes as the company continued to drive the #WearItForMe campaign – a call-to-action for South Africans to wear their masks safely.

“These initiatives build on MTN’s work carried out under Y’ello Hope to limit the impact of the pandemic, including through providing free data lifelines and zero-rated access to educational sites,” adds O’Sullivan.

The Covid-19 Alert South Africa app can be downloaded from the Playstore and Apple’s App Store.

Samsung unveils Galaxy S21 flagship smartphones, sales to start January 29

Esan Bolaji
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0
Samsung unveils Galaxy S21 flagship smartphones, sales to start January 29

Samsung has unveiled its new flagship smartphone series for 2021, the Galaxy S21. Under the tagline ‘Every day epic’, the three new models will be in stores from 29 January starting from USD 800. Samsung also released the new Galaxy Buds Pro wireless earphones, which go on sale 15 January for USD 200. 

Samsung has brought forward the launch of its flagship series this year, after normally releasing the devices around the Mobile World Congress in late February. With that event cancelled and smartphone sales lagging expectations in the past year, the company is hoping to give a boost to sales with an early release of the new range.

Samsung unveils Galaxy S21 flagship smartphones, sales to start January 29 Brandspurng

New camera housing, faster processor, S Pen available

The S21, S21+ and S21 Ultra offer few major changes compared to the S20 series released less than a year ago. In addition to a faster 5nm processor (the Qualcomm Snapdragon 888 or Samsung’s Exynos 2100, depending on the market), the phones come with a new design that Samsung calls the ‘Contour Cut Camera’, where the back camera housing extends to the top left edges of the phone.

The edge-less Amoled displays come in the three sizes of 6.2, 6.7 and 6.8 inches, with the Ultra model supporting use of Samsung’s S Pen stylus, a first outside the company’s Note range.

All three models come with a 120 Hz refresh and adaptive frame rate, which extends from 10 to 120 Hz on the top model. The Ultra edition offers a Quad HD+ resolution as well, while the two standard models come with Full HD+ resolution. A pinhole centre notch houses the front camera, which offers a 10-megapixel sensor on the basic models and 40 megapixels on the Ultra model.

In addition to a larger 5,000 mAh battery, the Ultra comes with a more advanced quad camera on the rear, compared to a triple camera for the S21 and S21+. Similar to last year’s model, the fourth camera offers a second telephoto lens with 10x optical zoom and Samsung’s 100X Space Zoom function, while the main sensor supports up to 108 megapixels, compared to 64MP on the basic models.

All three models run Android 11, and Google announced separately enhanced integration with the Samsung devices. These include features such as mirroring Google Duo on Samsung TVs, controlling Nest devices on Samsung’s SmartThings app, and RCS in the Messages app.

The companies are also bringing SmartThings integration to Android Auto, so customers can control their smart home devices from the car.

The new Samsung phones all support standalone 5G, also in mmWave bands. In addition, the S21 Ultra will be among the first phones on the market to support the new Wi-Fi 6E standard for access to a third Wi-Fi band, based on Broadcom’s BCM4389 wireless chip, and Ultra Wide Band connectivity is available on the S21+ and Ultra models.

Extra colours, credit on Samsung website

The devices are priced from USD 800 for the S21, USD 1,000 for the S21+ and USD 1,200 for the S21 Ultra. To encourage customers to buy direct from Samsung online, the company is offering the new models in a number of exclusive colours on its own web store.

Samsung is also offering up to USD 200 credit for customers who pre-order the devices in the next two weeks, which can be spent on its online shop on other Samsung products. Trade-ins of older Samsung phones are worth up to USD 700 towards the new phones, with financing plans up to 36 months.

The Galaxy Buds Pro are Samsung’s most premium Bluetooth wireless earbuds to date and will be included free with the new phones for a limited time in selected markets. Available in black, violet or silver with their own charging case, the earphones come with IPX7 water resistance, two levels of active noise cancelling, three microphones with wind shield, and a two-way speaker.

Samsung said they have a playback time of up to 28 hours on a single charge, or 18 hours with the noise cancelling activated. A 5-minute quick charge can deliver one hour of playback.

December Inflation Rate Jumps to 15.75% amid Persistent Surge in the Food Index…

Cowry Research
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December Inflation Rate Jumps to 15.75% amid Persistent Surge in the Food Index…

The National Bureau of Statistics (NBS) reported that the headline Inflation rate sustained its uptrend for the 16th consecutive month to 15.75% in December 2020 (from 14.89% printed in November).

The increase in the inflation rate was caused by continuing pressure on the food and non-food index. Food inflation jumped to 19.56%(from 18.30% in November) driven by higher prices due to the festivities and higher logistics cost; albeit, the partial re-opening of the land borders in December should have helped in easing the inflationary pressures for December.

Nigeria's Inflation sustains sprint, rises to 14.89% y/y in November 2020

Imported food index also upped by 16.64% (higher than 16.54% in November) amid depreciation of the Naira – specifically, two months moving average foreign exchange rates at the BDC and Parallel market rose y-o-y by 1.44% and 1.54% to N468.45/USD and N475.43/USD respectively in December 2020.

Similarly, the core inflation rate climbed to 11.37% (from 11.05% in November) caused by an increase in passenger transport in air, medical services, hospital services, pharmaceutical products amid others.

On a monthly basis, headline inflation rose to 1.61% in December (from 1.60% in November).

Notably, monthly food inflation rose to 2.05% in December (from 2.04% in November) as prices of bread, cereals, potatoes, yam and meats, amongst others, increased while Core inflation rate increased to 1.10% (from 0.71% in November) amid higher clothing and footwear (+0.28%), transportation costs (+0.47%) as well as housing and energy costs (+0.36%).

Meanwhile, urban and rural inflation rates rose to 16.33% and 15.20% (higher than 15.47% and 14.33%) respectively.

Outlook:

We expect inflation to be exacerbated amid higher pump price, given the rise in crude oil prices and expected upward adjustment in electricity tariff in 2021. Howbeit, we expect to see a positive effect of the border reopening on the food index as it provides some level of counterweight.

December 2020 Inflation Rate Rises to 15.75% as Food Inflation Jumps to 19.56%

Esan Bolaji
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December 2020 Inflation Rate Rises to 15.75% as Food Inflation Jumps to 19.56%

The consumer price index, (CPI) which measures inflation increased by 15.75 percent (year-on-year) in December 2020. This is 0.86 percent points higher than the rate recorded in November 2020 (14.89) percent.

Increases were recorded in all COICOP divisions that yielded the Headline index.

On a month-on-month basis, the Headline index increased by 1.61 percent in December 2020. This 0.01 percent rate higher than the rate recorded in November 2020 (1.60 percent).

The percentage change in the average composite CPI for the twelve months period ending December 2020 over the average of the CPI for the previous twelve months period was 13.25 percent, representing a 0.33 percent point increase over 12.92 percent recorded in November 2020.

World food prices rise for 7th month in a row in December

The urban inflation rate increased by 16.33 percent (year-on-year) in December 2020 from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 15.20 percent in December 2020 from 14.33 percent in November 2020.

On a month-on-month basis, the urban index rose by 1.65 percent in December 2020, same as the rate recorded in November 2020, while the rural index also rose by 1.58 percent in December 2020, up by 0.02 percent above the rate that was recorded in November 2020 (1.56 percent).

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.86 percent in December 2020. This is higher than 13.55 percent reported in November 2020, while the corresponding rural inflation rate in December 2020 was 12.67 percent compared to 12.35 percent recorded in November 2020.

Food Index

The composite food index rose by 19.56 percent in December 2020 compared to 18.30 percent in November 2020.

This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and fats.

On a month-on-month basis, the food sub-index increased by 2.05 percent in December 2020, up by 0.01 percent points from 2.04 percent recorded in November 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending December 2020 over the previous twelve-month average was 16.17 percent, 0.42  percent points from the average annual rate of change recorded in November 2020 (15.75) percent.

All Items Less Farm Produce

The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 11.37 percent in December 2020, up by 0.32 percent when compared with 11.05 percent recorded in November 2020.

On a month-on-month basis, the core sub-index increased by 1.10 percent in December 2020. This was up by 0.39 percent when compared with 0.71 percent recorded in November 2020.

The highest increases were recorded in prices of Passenger transport by air, Medical services, Hospital services, Shoes and other footwear, Passenger transport by road, Miscellaneous services relating to the dwelling, Hairdressing salons and personal grooming establishments, Repair of furniture, Vehicle spare parts, Pharmaceutical products, Motor cars, Maintenance and repair of personal transport equipment, Paramedical services, Motor cycle, Dental services and Bicycles.

The average 12-month annual rate of change of the index was 10.31 percent for the twelve-month period ending December 2020; this is 0.17 percent points higher than 10.14 percent recorded in November 2020.

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In December 2020, all items inflation on year on year basis was highest in Bauchi (19.85%), Edo (18.15%) and Kogi (18.40%), while Lagos (14.05%), Kwara (13.91%) and Abia (13.30%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, December 2020 all items inflation was highest in Nasarawa (2.30%), Gombe (2.20%) and Akwa Ibom (2.16%), while Ekiti (0.87%), River (0.67%) and Ebonyi (0.61%) recorded the slowest rise in headline month on month inflation.

Food Inflation

In December 2020, food inflation on a year on year basis was highest in Edo (24.14%), Kogi (23.14%) and Sokoto (22.24%), while Bauchi (16.53%), Abia  (16.04%) and Nasarawa (15.71%) recorded the slowest rise.

On month on month basis, however, December 2020 food inflation was highest in Edo (3.68%), Benin (3.48%) and Gombe (3.00%), while River (0.93%), Osun (0.59%) and Ekiti (0.24%)  recorded the slowest rise.

December 2020 Inflation Rate Rises to 15.75% as Food Inflation Jumps to 19.56% BRANDPSURNG

Legally Speaking, Is Digital Money Really Money?

Esan Bolaji
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Legally Speaking, Is Digital Money Really Money?

Countries are moving fast toward creating digital currencies. Or, so we hear from various surveys showing an increasing number of central banks making substantial progress towards having official digital money (currency).

But, in fact, close to 80 percent of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear.

To help countries make this assessment, we reviewed the central bank laws of 174 IMF members in a new IMF staff paper and found out that only about 40 are legally allowed to issue digital currencies.

Legally Speaking, Is Digital Money Really Money brandspurng1

Not just a legal technicality

Any money issuance is a form of debt for the central bank, so it must have a solid basis to avoid legal, financial and reputational risks for the institutions. Ultimately, it is about ensuring that significant and potentially contentious innovation is in line with a central bank’s mandate. Otherwise, the door is opened to potential political and legal challenges.

Now, readers may be asking themselves: if issuing money is the most basic function for any central bank, why then is a digital form of money so different? The answer requires a detailed analysis of the functions and powers of each central bank, as well as the implications of different designs of digital instruments.

Building a case for digital currencies

To legally qualify as currency, a means of payment must be considered as such by the country’s laws and be denominated in its official monetary unit. A currency typically enjoys legal tender status, meaning debtors can pay their obligations by transferring it to creditors.

Therefore, legal tender status is usually only given to means of payment that can be easily received and used by the majority of the population. That is why banknotes and coins are the most common form of currency.

To use digital currencies, digital infrastructure—laptops, smartphones, connectivity—must first be in place. But governments cannot impose on their citizens to have it, so granting legal tender status to a central bank digital instrument might be challenging.

Without the legal tender designation, achieving full currency status could be equally challenging. Still, many means of payments widely used in advanced economies are neither legal tender nor currency (e.g., commercial book money).

Uncharted waters?

Digital currencies can take different forms. Our analysis focuses on the legal implications of the main concepts being considered by various central banks. For instance, where it would be “account-based” or “token-based.”

The first means digitalizing the balances currently held on accounts in a central banks’ books; while the second refers to designing a new digital token not connected to the existing accounts that commercial banks hold with a central bank.

From a legal perspective, the difference is between centuries-old traditions and uncharted waters. The first model is as old as central banking itself, having been developed in the early 17th century by the Exchange Bank of Amsterdam—considered the precursor of modern central banks.

Its legal status under public and private law in most countries is well developed and understood. Digital tokens, in contrast, have a very short history and unclear legal status. Some central banks are allowed to issue any type of currency (which could include digital forms), while most (61 percent) are limited to only banknotes and coins.

Another important design feature is whether the digital currency is to be used only at the “wholesale” level, by financial institutions, or could be accessible to the general public (“retail”). Commercial banks hold accounts with their central bank, being, therefore, their traditional “clients.”

Allowing private citizens’ accounts, as in retail banking, would be a tectonic shift to how central banks are organized and would require significant legal changes. Only 10 central banks in our sample would currently be allowed to do so.

Legally Speaking, Is Digital Money Really Money brandspurng2

A challenging endeavour

The overlapping of these and other design features can create very complex legal challenges—and could well influence the decisions made by each monetary authority.

The creation of central bank digital currencies will also raise legal issues in many other areas, including tax, property, contracts, and insolvency laws; payments systems; privacy and data protection; most fundamentally, preventing money laundering and terrorism financing.

If they are to be “the next milestone in the evolution of money,” central bank digital currencies need robust legal foundations that ensure smooth integration to the financial system, credibility and broad acceptance by countries’ citizens and economic agents.

Sovereign Trust Insurance Plc Maintains A- Rating With GCR

Esan Bolaji
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0
Sovereign Trust Insurance Plc Maintains A- Rating With GCR

For over a decade now, Sovereign Trust Insurance Plc has consistently maintained a confident A- rating with the international rating agency, Global Credit Rating, based in South Africa.

The Rating Agency’s recent solvency and operational report for financial institutions in Nigeria and other allied businesses released in December 2020 affirmed that Sovereign Trust Insurance Plc has great potentials for growth in the years ahead considering some of the strategies that have been put in place to propel its operations.

Global Credit Rating noted that the Company has shown a great deal of consistency in her claims-paying obligations to her numerous customers spread all over the country.

The Report further stated that the listing of the Rights Issue in 2019 helped in increasing the Shareholders’ funds of the Company by 33.8%, to N7.8b by the end of the Financial year in 2019 as against the figure of N5.8b in 2018.

Consequently, by the third quarter of 2020, the Shareholders’ funds had increased to N8.2b which also translated to a 31% increase in the corresponding period of 2019 with a figure of Né.3b. In the Rating Agency’s opinion, Sovereign Trust Insurance Plc is strong in liquidity with more than adequate claims coverage that compares well to industry averages.

The capital adequacy of the Underwriting Firm is considered strong according to the rating report and this is underpinned by the sizeable capital base catering for the quantum of insurance and market risks assumed.

In this regard, the ratio of Shareholders’ funds to NEP, (Net Earned Premium) improved to 189.2% in the Q3 of 2020 as against 130.9% in the corresponding quarter of 2019.

In terms of peer-to-peer performance comparison, Sovereign Trust Insurance Plc did very well when compared with other selected insurers in terms of Capital, Total Assets, Gross Premium Income (GPI) and Net Premium Income (NPI).

The company has creatively been able to develop a good mix of its clientele base with personal lines contributing 42% of its Gross Premium Income during the rating period.

The introduction of the Enhanced Third-Party Motor Insurance Cover with the acronym E3P in 2019 complemented the efforts of Management at driving retail business initiatives in the industry. Other new retail products are already in the pipeline and will soon be introduced to the market in a not-too-long distant time.

The report also stated that as a result of STI’s increased underwriting capacity and geographical diversification, the organization has developed a sound business profile supported by a moderately strong competitive position and improved brand acceptance hinged on a continuous marketing drive and a well-established Brokers’ relationship of diverse business mix.

As observed by the Rating Agency, insurance penetration remains very low in the country at an estimated ratio of 0.5% for general insurance businesses.

Sovereign Trust Insurance Pic has over the years demonstrated commitment to optimally maintaining a leading position in the insurance industry in Nigeria.

The DMO Unveils Q1 2021 Borrowing Plans, Re-Introduces FGN 2027s Bond Paper

ZedCrest Capital
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0
The DMO Unveils Q1 2021 Borrowing Plans, Re-Introduces FGN 2027s Bond Paper

The FGN Bonds market traded with mixed sentiments today, with some demand seen on the mid-end of the curve (2027s -2029s) while the long end of the curve remained firmly bearish.

Notably, the 2049s bond broke the 9.00% resistance during the trading session, with most trades executed within the 9.00%-9.10% range, a 3-month high. Consequently, average yields closed higher by 38bps across the benchmark bond curve.

patience-oniha-dmo-brandspur

The DMO released the FGN Bond issuance calendar for the first quarter of the year, outlining its plan to raise between N360Bn to N450Bn over the next three months to fund the FGs budget deficit. The January Bond auction circular was also released with a total of N150bn to be issued via the re-issuance of the FGN 2027s,2035s and 2045s papers (N50bn a piece).

We expect the just released FGN Bond issuance calendar to influence market direction as we close the week.

Treasury Bills

The OMO T-bills Market was largely muted today as local banks remained risk-off at current market levels while offshore investors continued to seek better yields to exit their holdings. The trading day garnered little traction towards the close of the market, with trades executed around 2.40% on the long-dated OMO T-bills (04 January 2022 OMO).

On the NTB side, Demand for the 1-year bill (15 January 2022 NTB) persisted throughout the trading session, with bids ranging from 1.00%- 1.30% as market participants looked to cover their lost bids at the previous day’s auction.

At the OMO auction, the CBN sold a total of N80.00Bn while maintaining the stop rates across the three maturities on offer. Demand remained heavily skewed towards the 1-year bill with a bid-to-offer ratio of 8.37X as local banks increased their bid amounts to accommodate the prorated volumes sold by the Apex bank.

We expect the market to remain order-driven in the interim as offshore investors take profit on their aggregate OMO T-bills holdings.

Money Markets

Interbank rates trended downward by another.c.75bps D/D during today’s trading session, as local banks remained relatively liquid despite the CBN’s OMO T-bills sales. System market liquidity improved to N665.17Bn positive opening, with OBB and OVN rates closing at 0.75% and 1.25%, respectively.

We expect the market to remain stable at these levels heading into tomorrow’s session.

FX Market

Volumes traded in the I&E FX window went up by over 1000% D/D as $215.63mio changed hands on the day. Despite the increase in trading volumes, the Naira depreciated by N1.34k to close at N394.67/$, while intraday rates ranged within a low of N388.00/$ and a high of N398.00/$.

The cash and transfer segment remained relatively stable at the parallel market with no significant activity to move rates sideways.

Eurobonds

The buying frenzy continued in the NIGERIA Corps space as investors continue to snap up bonds across all tracked tickers despite the low yields. The ACCESS 21s, FIDBAN 22s and ETINL 24s were the biggest movers, as yields on those papers compressed by c.30bps, c. 19bps and c.36bps, respectively.

The NIGERIA Sovereign tickers had a relatively quiet session, with a few participants looking to switch holdings across the curve (the 2030s for 2031s, 2047s for 2049s). The sovereign yield curve remained unchanged D/D.

U.S. Federal Stimulus to again be distributed via Visa prepaid debit cards

Esan Bolaji
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0
U.S. Federal Stimulus to again be distributed via Visa prepaid debit cards

Americans can use Economic Impact Payment (EIP) Cards to directly make purchases in-store and online, transfer funds, pay bills and more

As a result of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, many individuals are receiving their Economic Impact Payment (also known as a “stimulus payment”) via the Economic Impact Payment card in the mail.

We are proud to be part of this effort once again with the U.S. Treasury Department, Fiserv and MetaBank to ensure Economic Impact Payments reach Americans via Money Network® Visa prepaid cards, with the security and convenience of electronic payments.

U.S. Economic Impact Payments (EIP) to again be distributed via

Prepaid debit cards are a fast and safe way for people to receive stimulus funds, particularly if they do not have a bank account or relationship with a financial institution.

These EIP Cards enable access to EIP funds and may be used at any merchant who accepts Visa Debit, whether online, in-person or over the phone. Unlike cash or checks, these debit cards are covered by Visa’s Zero Liability policy (protecting cardholders from unauthorized purchases) and continuous fraud monitoring.

Consumers can also transfer funds from the cards to a bank account using their routing information or add it to a peer-to-peer payment app to send money to others. There are no fees to make purchases, transfer funds, pay bills, utilities, rent or withdraw cash at in-network ATMs or participating retailers.

(Consumers should review their cardholder agreement or visit the card provider’s website for a list of associated fees and in-network ATM locations). Cardholders can also check their balance any time on the card provider’s website, mobile app or by calling customer service.

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