KCB Bank Kenya has partnered with payments giant Mastercard to pioneer a multi-currency prepaid card that supports 11 currencies as the lender seeks to ease international transactions for customers across various destinations.

The two institutions said the card’s ability to handle multiple currencies removes the need for customers to open separate currency accounts or physical cards, offering them greater convenience and security.

According to an update from the bank, the new card supports a range of currencies including the Kenyan Shilling, US Dollar, British Pound Sterling, Euro, Swiss Franc, Australian Dollar, Canadian Dollar, Indian Rupee, Japanese Yen, South African Rand, and the Chinese Yuan.

The two entities said the card is tailored to meet the diverse needs of various customers including students, athletes, online shoppers, businesses, and corporates. 

It offers a cost-effective method for managing international transactions by reducing high transaction fees and enhancing convenience for frequent travelers and global spenders.

Angela Mwirigi, Director Digital Financial Services KCB Bank Kenya noted, “This collaboration, once again, brings together two leaders in the industry, merging our expertise, innovation, and shared goal to provide exceptional financial solutions living up to our aspirations of being the bank of choice in Kenya,”

Once enrolled, cardholders will enjoy favourable exchange rates and reduced conversion costs that eliminate unexpected charges and simplify global spending. 

Additionally, the prepaid feature will allow cardholders to load specific amounts, promoting better control over spending. Users can access this feature through the self-serve portal available on the website, providing a convenient way to manage their prepaid balances and monitor their spending. 

Real-time exchange rates will also ensure automatic currency conversion during purchases, simplifying transactions and eliminating the hassle of currency exchanges or managing multiple wallets.

Shehryar Ali, Senior Vice President and Country Manager for East Africa at Mastercard, said: "This innovative solution simplifies cross-border transactions, enabling individuals and businesses to focus on what matters most.”