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KCB, MasterCard Deal Sets Pace for Payments in East Africa

The payment solutions will be rolled out in Kenya, Burundi, Rwanda, South Sudan, Tanzania and Uganda

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KCB Bank Kenya and MasterCard have signed a five-year strategic collaboration framework that will see cardholders across East Africa benefit from enhanced value propositions. The payment solutions will be rolled out in Kenya, Burundi, Rwanda, South Sudan, Tanzania and Uganda.

Under the deal, customers will enjoy exclusive benefits ranging from a wide spectrum of MasterCard payment solutions including premium World and World Elite cards, youth pre-paid, and corporate cards. In addition, cardholders will perform a range of transactions including e-commerce payments, cross-border remittances, QR, and tap on phone solutions.

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The two leaders in the financial services space will leverage each other’s advanced technological network to co-create innovative payment solutions and marketing initiatives to leapfrog financial inclusion in target territories. In turn, it will enable them to deliver trust, deepen financial access and wellness, connect consumers with priceless experiences, and empower small and mid-sized businesses to derive value from their interaction with the bank.

“We want to tap technology and our expertise to revolutionize how our customers in East Africa access our financial services,” KCB Group CEO, Mr Paul Russo, said. “This collaboration is also part of our commitment to continually extend a variety of benefits to them while at the same time shaping the future of commerce and forging new paths for inclusive economic growth.”

This market-forward multi-year collaboration provides the requisite resources to achieve a shared ambition that accelerates the speed of payment innovation in the East African payments space and places the consumers’ needs at the center of this engagement. It builds on KCB Group’s existing capabilities to provide a best-in-class offering for all its cardholders, delivering a simplified core product proposition, and optimized digital experience.

“Mastercard and KCB Group share a passion and commitment to accelerate digital transformation and financial inclusion across Kenya and the greater region. We have collaborated to build an innovative, inclusive, and sustainable future in payments, grounded in the shared values of advancing the communities we both serve. We are delighted to partner and deliver a differentiated value proposition for both individual and SME businesses that will drive new payment experiences and increased financial access across East Africa,” said Mr Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.

This agreement will set the pace for an evolved and transparent payment system across the region, scaling simple and locally relevant digital solutions to both consumers and small, mid-sized, and micro businesses.

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BILL YAURA
BILL YAURA
Bill Yaura is a Correspondent for Business Today. He can be reached on email: [email protected]
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