The change comes as East Africa’s largest retailer introduces the multi-currency EMV MasterCard PayPass Prepaid loyalty card to over one million of its loyalty program members in the coming months.
The existing Nakumatt Cybercash loyalty card will be replaced with the Nakumatt Global MasterCard Prepaid card, allowing customers to load money onto the card for purchases at point of sale terminals, cash withdrawals and online purchases at Nakumatt stores across East Africa, as well as any retailer that accepts MasterCard payment cards worldwide.
Nakumatt Global MasterCard Prepaid cardholders will also be able to earn Nakumatt loyalty points on purchases they make at any of the 33 million retailers and businesses across 210 countries, where MasterCard is accepted.
The points earned, however, will only be redeemable at Nakumatt stores.
As part of the Nakumatt deal, MasterCard has collaborated with both Diamond Trust Bank and Kenya Commercial Bank, which will see both banks issue the MasterCard Prepaid card to the supermarket’s customers.
“The launch of this innovative retail card will further assist in introducing more financially inclusive payment solutions to those previously not exposed to formal banking products,” Michael Miebach, president, Middle East and Africa, MasterCard Worldwide said.
The collaboration will signal the largest prepaid merchant agreement for MasterCard in the Middle East and Africa region to date.
“We are excited to introduce a more convenient, quicker and safer payment solution to our loyalty program members. Working with MasterCard and our banking partners will allow for this goal to come to fruition,” Atul Shah, managing director, Nakumatt commented.
The new prepaid card will initially be launched to customers in Kenya, but will be made available in Uganda, Tanzania, Rwanda, Burundi and South Sudan in 2013.