KCB partners with Mastercard to launch multi-currency prepaid card

By launching the multi-currency prepaid card, KCB Bank Kenya and Mastercard aim to optimise international transactions for customers by allowing simplified spending across various destinations. The newly introduced card supports a range of currencies, such as KES, USD, GBP, EUR, CHF, AUD, CAD, INR, JPY, ZAR, and CNY. Additionally, the two organisations developed the product to meet the diverse needs, demands, and preferences of students, athletes, online shoppers, businesses, and corporates, providing them with a cost-effective method for managing international payments by minimising fees and improving convenience for frequent travellers and global spenders.

The announcement comes nearly a year after Mastercard joined forces with KCB Bank to offer its customers across the East African region optimised payment systems. The two organisations signed a five-year framework set to focus on augmenting cardholder experiences across East Africa. The collaboration included Rwanda, Kenya, Burundi, Tanzania, South Sudan, and Uganda, with both Mastercard and KCB Bank planning to prioritise delivering improved payment services and additional benefits to users.

Mastercard and KCB’s card offering

After the enrolment process is completed, cardholders are set to be able to benefit from favourable exchange rates and minimised conversion costs that mitigate unexpected charges and optimise global spending. By managing multiple currencies, the card eliminates the need for separate currency accounts or physical cards, in turn ensuring scaled convenience and safety for users.

Moreover, the card’s prepaid feature enables cardholders to load specific amounts, which supports greater control over spending. Customers benefit from access to this capability via the self-serve portal available on the website, offering them a convenient option to manage their prepaid balances and monitor their spending. Additionally, real-time exchange rates support automatic currency conversion during purchases, optimising transactions and removing the complexities that come with currency exchanges and managing multiple wallets.

The collaboration with Mastercard highlights KCB Bank Kenya’s commitment to providing advanced financial solutions that offer both convenience and flexibility in a dynamic global payments environment.