Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The collaboration will see five million 'Equity Bank MasterCard' debit cards introduced in the Kenyan market in the next one year before extending to the other four East African countries including Uganda, Tanzania, Rwanda and South Sudan where the bank has its footprint/CFM

Kenya

Equity, MasterCard in joint venture

The collaboration will see five million 'Equity Bank MasterCard' debit cards introduced in the Kenyan market in the next one year before extending to the other four East African countries including Uganda, Tanzania, Rwanda and South Sudan where the bank has its footprint/CFM

The collaboration will see five million ‘Equity Bank MasterCard’ debit cards introduced in the Kenyan market in the next one year before extending to the other four East African countries including Uganda, Tanzania, Rwanda and South Sudan where the bank has its footprint/CFM

NAIROBI, Kenya, Jan 15 – Global payments and technology company MasterCard and Equity Bank have signed a partnership that will see the bank’s customers in the region issued with new debit and prepaid cards that will be accepted at any MasterCard point of sale globally.

The collaboration will see five million ‘Equity Bank MasterCard’ debit cards introduced in the Kenyan market in the next one year before extending to the other four East African countries including Uganda, Tanzania, Rwanda and South Sudan where the bank has its footprint.

However the cards will only be issued to new customers and those renewing their current cards.

“Through this partnership the unbanked and under-banked will be introduced to the benefits of electronic payments, enabling them to become part of a more secure, convenient cashless economy,” Equity Bank CEO James Mwangi said during the signing of the agreement in Nairobi.

The cards will also introduce the MasterCard Pay Pass feature, which is a contactless payment attribute that provides cardholders with a simpler way to make payments without swiping or giving the cards to cashiers.

Master card president and CEO Ajay Banga said the new cards will enable the customers to have access to one million ATMs and 34.7 million locations worldwide.

“Unlike the current debit cards, which are only acceptable at Equity Bank ATMs and merchants, the new cards will be accepted globally. They will also have the EMV (Europay-MasterCard-VISA) technology, for high security, unlike the current magnetic stripe card, which is prone to fraud,” Banga said.

The bank is currently working with the company to also obtain access and license to operate in five other countries within the central African region.

In the recent past, the bank has added its efforts in coming up with products that will keep its customers who are gradually growing from the lower end of the market, who is the core target, to the middle income segment.

It is expected that the partnership will increase the uptake of debit and prepaid cards from the current 9.9 million in the country according to Central Bank to 13.9 million.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...