Following this announcement, the financial institutions signed a five-year framework that will focus on improving cardholder experiences across the region of East Africa. The comprehensive collaboration encompasses Rwanda, Kenya, Burundi, Tanzania, South Sudan, and Uganda, while both Mastercard and KCB Bank will prioritise the process of delivering improved payment services and new benefits for users.
Mastercard and KCB Bank will focus on accelerating digital transformation and overall financial inclusion across multiple regions across East Africa, while also remaining compliant with the regulatory requirements and laws of the industry.
Throughout this strategic deal, the collaboration is set to introduce a diverse and secure range of Mastercard payment solutions, which were personalised to meet the overall evolving needs, preferences, and demands of customers and businesses alike. In addition, cardholders will be enabled to anticipate an array of benefits, such as access to World and World Elite cards, corporate cards, and youth pre-paid cards.
The partnership will also extend its process of facilitating various transactions, including ecommerce payments, Tap on phone services, QR, and cross-border remittances. Both KCB Bank Kenya and Mastercard will leverage their respective technological expertise in order to co-design improved payment tools and marketing initiatives. At the same time, both companies aim to catalyse financial inclusion across the targeted territories, as well as expand financial access, foster trust, and allow small and medium-sized businesses (SMBs) to derive value from their interactions with the KCB Bank.
In addition, the multi-year collaboration will provide the needed resources for customers to achieve their goals, and for the partners to accelerate the speed of payment optimisation in the East African space. The deal builds on KCB Group’s capabilities to deliver improved offerings for its cardholders, while also providing a simplified and more secure core product propositions and overall digital experience.
Mastercard and KCB Bank will also provide clients with transparent payment systems across the area, with an overall focus on scaling simple, secure, and locally relevant digital products to customers, small, mid-sized, and micro-businesses alike. The strategic deal will also follow the financial institutions’ shared commitment to continually extend a variety of solutions and benefits to clients, while also accelerating the overall development of the East African payment landscape.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now