Diamond Trust Bank (DTB) and global technology company Mastercard have announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya.
The Agreement, a first of its kind in the region, will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology.
The agreement will enable DTB to process and settle payments in a faster, more convenient, cost-effective and regulated way as it works to increase its footprint in the region. The agreement will also improve the reach and ability of fintechs, edu techs and health techs to accept or make card payments securely and swiftly.
The bank has also received approval from the Central Bank of Kenya to offer Cards-as-a-Service using their regulatory license to tech-enabled approved partners.
“We are delighted to partner with Mastercard on this groundbreaking agreement. We have had a long and fruitful relationship with Mastercard and welcome this opportunity to support innovation in the financial sector. We believe that this partnership will not only enable us to enhance our service offering, but also contribute to the development of a more inclusive and advanced digital payment ecosystem in East Africa,” Nasim Devji, Group Chief Executive Officer at DTB stated.
Devji said with Digital Transformation being a key pillar of the bank’s growth strategy, the partnership is aligned to drive DTB’s positioning as the fintech partner of choice across Africa.
“Mastercard has a digital first approach, which enables us to provide innovative and secure solutions that benefit both fintech companies and consumers. Our innovation approach has been based on establishing partnerships that can drive the expansion of digital and financial inclusion in Africa. Our long-standing partnership with DTB marks a significant step in our commitment to empowering digital service providers in the region with much-needed solutions to scale and grow their businesses,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.
This landmark agreement is the latest partnership between DTB and Mastercard in East Africa with the bank exclusively issuing Mastercard payment cards in Kenya, Uganda, and Tanzania.
The partnership supports the growth of digital solutions in the region, playing a critical role in increasing customer touchpoints with DTB and creating access to the various services offered through Mastercard.
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