, NAIROBI, Kenya, Mar 20 – MasterCard has announced the licensing of Jamii Bora Bank to issue MasterCard debit, prepaid and credit cards in Kenya.
MasterCard East Africa Vice President James Wainaina says partnership with Jamii Bora is expected to further enhance the adoption of electronic payments among the bank’s clientele.
Wainaina says through this partnership, card holders will enjoy access to over 36.9 million MasterCard point of sale terminals in over 210 countries.
Wainaina says that this licensing partnership will see Jamii Bora increase its customer base.
The collaboration comes at a time when MasterCard is working in partnership with government and financial institutions in Kenya and across the continent to broaden usage and acceptance of electronic payments.
Commenting on the partnership, Jamii Bora Bank Chief Executive Officer Samuel Kimani says the collaboration with MasterCard is a positive step as the bank aims to continue to provide its customers with customized, relevant products that meet their growing financial needs.
As Kenya’s newest commercial bank, Jamii Bora has seen its outlet numbers grow steadily since 2010, having 34 branches countrywide.
Kenyans value more the ability to withdraw money especially through mobile and ATM channels terming it their single main driver of having complete trust in their banking providers; according to a new report by Ernst and Young (EY- 2014 Global Consumer Banking study)
Banks in Kenya are also facing increased competition from technology companies and mobile phone providers, who are providing customers with more options in banking and cash transfer.