EAC & The Horn

KCB and MasterCard’s deal fuels growth of payments in East Africa

In a deal poised to revolutionize the financial landscape of East Africa, KCB and payments giant MasterCard have signed a 5-year strategic collaboration to enhance value propositions for cardholders across the region, spanning Kenya, Burundi, Rwanda, South Sudan, Tanzania, and Uganda.

This alliance is set to bring a range of exclusive benefits to customers, ranging from premium World and World Elite cards to youth pre-paid and corporate cards.

Cardholders will enjoy a wide array of transactions, including e-commerce payments, cross-border remittances, QR, and Tap on phone solutions.

Both financial giants are poised to leverage their technological prowess to co-create innovative payment solutions and marketing initiatives.

This strategic move is expected to drive financial inclusion in target territories, deepen financial access and wellness, and empower small and mid-sized businesses.

It also aims to connect consumers with new and exciting experiences, forging new paths for inclusive economic growth across economies.

KCB Group CEO, Paul Russo, highlighted the bank’s commitment to revolutionizing how customers in East Africa access financial services. “We want to tap technology and our expertise to revolutionize how our customers in East Africa access our financial services,” noted Mr Russo.

Read also: On the fast track: KCB powers Safari Rally with Sh195 million

Differentiated value proposition

Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, echoed Russo’s sentiments, emphasizing the shared commitment to accelerate digital transformation and financial inclusion across the region.

He underscored the partnership’s focus on delivering a differentiated value proposition for individuals and SMEs, driving new payment experiences, and increasing financial access.

This collaboration marks a significant milestone in advancing digital transformation and financial inclusion in East Africa. It builds on the regional lender’s existing capabilities to provide a best-in-class offering for all cardholders, delivering a simplified core product proposition and optimized digital experience.

The agreement between KCB and MasterCard further aims to scale simple and locally relevant digital solutions to consumers and small, mid-sized, and micro-businesses, ultimately empowering East Africa for a brighter financial future.

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