SBM Bank Kenya has entered a new partnership with Mastercard as part of its plan to strengthen its digital payments offering and restore the bank’s financial performance.
The deal will give customers access to Mastercard’s global network and upgraded card services.
The bank said customers will be moved to Mastercard cards in stages. The new cards will offer stronger security features, wider international use, and easier integration with digital wallets.
Customers will also benefit from tap-to-pay options, travel insurance, fraud protection, and other services supported by Mastercard.
SBM Bank Kenya CEO Bhartesh Shah said the transition is a key part of the bank’s efforts to improve customer experience and drive long-term growth.
“This transition is more than a technology upgrade; it reflects our strategy to deliver superior customer experiences while driving sustainable growth for the bank,” Shah said.
“As we innovate around customer needs, such a collaboration enables us to offer world-class solutions that not only enhance convenience and security but also position the bank as a leading player in Kenya’s evolving financial landscape.”
Mastercard’s Senior Vice President and Country Manager for East Africa and Indian Ocean Islands, Shehryar Ali, welcomed the partnership, saying it will improve how customers make payments.
“Our shared vision is to empower customers with products and solutions that make everyday transactions seamless, extremely secure, and rewarding. With SBM Bank’s customer-first approach and Mastercard’s global expertise, we are unlocking new opportunities for financial inclusion and digital transformation,” Ali said.
The partnership comes at a time when SBM Bank is reporting better financial results. The lender posted a profit after tax of Sh202 million in the first half of the year, a major recovery from the Sh943.1 million loss recorded during the same period last year.
SBM hopes that tapping into global payment technology will help it grow its retail business and become more competitive in Kenya’s accelerating shift toward cashless payments.
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