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Daniel Monehin Division President SSA Mastercard tries out his new Nakumatt Global MasterCard prepaid

Kenya

Nakumatt collaborates with MasterCard to launch EMV loyalty card

Daniel Monehin Division President SSA Mastercard tries out his new Nakumatt Global MasterCard prepaid

Daniel Monehin Division President SSA Mastercard tries out his new Nakumatt Global MasterCard prepaid

Nakumatt Holdings Limited has launched the Nakumatt Global Prepaid MasterCard card, in partnership with Kenya Commercial Bank and Diamond Trust Bank.

The new card, which is EMV compliant, replaces the current Nakumatt Cybercash loyalty smartcard and provides a range of enhanced benefits and security features. With the multicurrency Nakumatt Global Prepaid Mastercard card, existing Nakumatt smartcard holders will continue accumulating their smart points for all purchases made across Nakumatt outlets.

Nakumatt Global Prepaid MasterCard cardholders will also earn smart points for purchases made with the card at any of the over 35.9 million acceptance points, including 2.1 million ATMs, where MasterCard is accepted worldwide.

Nakumatt Holdings Managing Director Atul Shah said plans are now underway to revamp the firm’s range of financial products and services.

Shah said the ongoing revamping project is part of a wider strategy to provide convenient retail financial solutions such as utility bill settlements, insurance products, cash back, FOREX trade and money transfer services at Nakumatt tills as customers pay for their shopping in the regular and 24-hour branches.

“At Nakumatt, we have managed to integrate a most advanced Payment Gateway switch linking us with other financial service providers to facilitate the robust delivery of a number of financial services and products,” said Shah.

“The transformation of the Nakumatt Smart Card to a Prepaid MasterCard card confirms our readiness to facilitate a general evolution of the local retail financial services, subject to regulatory approvals.”

The launch of the new Nakumatt Global Prepaid MasterCard card will also effectively complement efforts to sustain a shift to cashless transactions.

The new card, backed by KCB and Diamond Trust Bank, offers consumers a ‘tap and go’ option ideal for environments where speed and convenience matter most. Although new to Kenya, contactless payment technology is touted as the answer to fast and secure modes of payment, and is supported by multi-level security protection.

“Coming so soon after the recent tragedy, this card is a true reflection of Nakumatt’s and our other partners’ resolve to triumph over adversity,” said Daniel Monehin, Division President, Sub-Saharan Africa at MasterCard. “The Nakumatt Global Prepaid MasterCard card is a great win for this market and a proof that MasterCard’s vision of a world beyond cash is not only possible but is actually happening. Today, 85 per cent of the world’s transactions are still carried out in cash and cheque. In Kenya, this figure stands at over 98 per cent, and we believe that the launch of this card will be a notable victory for the push for increased cashless transactions.”

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The Nakumatt Global Prepaid MasterCard card also has multicurrency capability which allows consumers to upload the prepaid card with any of eight currencies, namely: Kenya Shilling (KES), U.S. Dollar (USD), Euro (EUR), British Pound (GBP), Indian Rupee (INR), South African Rand (ZAR) and the Australian Dollar (AUD). As a result, cardholders can load money for purchases at POS terminals, make cash withdrawals and online purchases as well as save on the costs incurred in multi-currency transactions.

Effective immediately, Nakumatt plans to replace its old generation Smart Cards with the Nakumatt Global MasterCard prepaid card. The cards will be available in all Nakumatt outlets and also from selective branches of the partnering banks, beginning with Kenya before rolling out to Tanzania, Uganda and Rwanda where Nakumatt operates.

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