Prepaid Cards in Kenya – A personal Financial Management Tool
Using prepaid cards in Kenya to manage your finances Sounds like wishful thinking. Well, it is possible.
What are Prepaid cards in Kenya
Prepaid card is a debit card that is loaded with funds before the funds are required. The money is not debited from your bank account but from the funds that are held in the card account that has been made available by you.
After the financial crisis in the world, in 2008 and years following, the prepaid cards are being used more as a way to manage personal finances. Many previous credit card holders had their credit scores and ratings affected when they were unable or missed to pay for their credit cards or loans. Though these former credit card holders have repaid their loans, their scores are still low. The prepaid cards are able to assist many people who cannot meet the required scores to get other cards and are able to access the convenience of plastic money.
Prepaid cards in kenya as a personal financial management tool
Many people have a problem trying to live within their means. Prepaid cards in Kenya are being used as a way for managing financial challenges. The prepaid card holder loads the card with the amount they require for the month and this is all the money they will use. The card is reloaded monthly and so the cardholder cannot spend what they have not preloaded or planned to use.
The card issued determines the minimum and maximum amounts that cardholders can load to their prepaid cards at any one time. The cardholder determines what they will require for the month an they load this amount. The prepaid card will allow the holder to access the same outlets that they would if they had a credit card or a debit card.
The prepaid cards are used more and more by many people throughout the world. Cardholders can plan for an activity and save for the expense that is required. When the savings are reached, the cardholder can purchase a prepaid card for the amount saved. This is especially good for holidays and leisure activities that can be planned for without using monies put aside for other necessary expenses.
Though prepaid cards have been in use in the western world, they are still new in the Kenyan market. The cards will assist Kenyans plan their expenses better and manage their finances especially in this hard economic times. Prepaid cards in Kenya should be a card that all Kenyan should use to manage their finances.