, NAIROBI, Kenya, Oct 23 – The Kenya Bankers Association (KBA) has announced a successful phase one transition by banks to EMV (Europay, MasterCard, Visa) which is based on chip and PIN technology with over 96 percent of the ATMs in the market compliant.
KBA Chairman Habil Olaka says the remaining machines are earmarked to be certified or phased out before the end of the year in an effort to enhance ATMs in the country.
Olaka says that this transition will significantly reduce ATM related fraud.
Olaka says that the process of certification and replacement of hardware took longer than anticipated due to EMV certification process and challenges with suppliers fulfilling the requirements in the earlier stipulated timeline.
“I should note that we did revise our timelines following the April announcement. We therefore are implementing a phased timeline and have every indication that this approach will continue to be a success. We are currently in the early stage of upgrading the Point Of Sale (POS) terminals,” he said.
He said that all magnetic strip ATM, debit and credit cards with EMV compliant chip and PIN technology, cards should be migrated to EMV chip compliance by March 31, 2014.
He says that KBA will continue to promote greater use of cards in the market.
Olaka has cautioned ATM users to be safe during the festive season that includes not sharing Personal Identification Numbers with anyone.
“Banks also have a role to play in ensuring your money is secure by investing in enhanced systems and processes, but you as a customer also have a role to play in safeguarding your account information and reporting any irregular activities,” he said.
In April, KBA announced an industry-wide move to the EMV technology to enhance ATM security.
The move was influenced by the increase in card usage in the market and recent trends in ATM-related fraud.