Kenya Commercial Bank strikes deal with Planet Payments for multi-currency transaction services

KCB aims to improve on its multi-currency transactions making it the first in the East African region to offer the service, bank executives said after signing the agreement, busiweek.com reports. KCB Director Retail Anastacia Kimtai, said that the signing of the agreement with Planet Payment will enable the bank to launch a new payment service, Pay In Your Currency (PYC), a multi- currency conversion solution.

Bank executives say the agreement will enable the bank to provide local merchants with a payment solution for international payments. Planet Payment, Managing Director Jonathan Ellis said the agreement with KCB expanded the reach of their product beyond the 23 countries it currently serves into Kenya, East Africa’s largest economy.

It will allow tourists and other visitors to Kenya to transact business using debit and credit cards denominated in over 100 currencies. KCB customers would be able to attract more international clientele by offering a customised payment experience, the bank executives said, the source cites. The new service will help reduce processing costs on foreign transactions, while continuing to receive settlement and reporting in local currency.