KCB Bank Kenya and MasterCard have signed a five year strategic collaboration framework that will see cardholders across the East African region benefit from enhanced value propositions.
The payment solutions will be rolled out in Kenya, Burundi, Rwanda, South Sudan, Tanzania, and Uganda.
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 be able to perform a range of transactions including e-commerce payments, cross-border remittances, QR, and Tap on phone solutions.
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.
Speaking during the signing ceremony in Nairobi, KCB Group CEO, Paul Russo said; “We want to tap technology and our expertise to revolutionise how our customers in East Africa access our financial services."
The collaboration, he said, is also part of commitment to continually extend a variety of benefits to customers while at the same time shaping the future of commerce and forging new paths for inclusive economic growth.
"Mastercard and KCB Group share a passion and commitment to accelerate digital transformation and financial inclusion across Kenya and the greater region,"said Mark Elliott, Division president for Sub-Saharan Africa at Mastercard.
"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," Elliott added.
He said the partnership offers a differentiated value proposition for both individual and SME businesses, that will drive new payment experiences and increased financial access across East Africa.
The agreement, Elliott added, 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.
