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Among the many benefits, the card comes with a concierge available 24 hour a day, seven day a week to ensure cardholders' personal and business travel needs are attended to/COURTESY

Finance

Kenya has 250,000 credit cards compared to 10m debit cards

Barclays Bank of Kenya controls 40 percent of the credit card market/COURTESY

NAIROBI, Kenya, Aug 3 – Only 250,000 Kenyans own credit cards in a market where about 3 million Kenyans are eligible for them according to Barclays Bank of Kenya (BBK).

BBK Director of Retail and Business Banking Zahid Mustafa attributes the low number of users to lack of information.

“Our mandate is to inform Kenyans of the benefits that come with using cards. There is plenty of misinformation floating around, but I believe with the correct information, Kenyans are able to make better decisions in regards to cards as a cash management option. The benefits are endless,” Zahid said.

As of February 2018, debit card holders in Kenya nation stood at 10.2 million, up from 9.8 million in a similar period a year ago and 7.7 million in 2012, according to the Central Bank of Kenya.

The significant growth of the cards is attributed to banks, mobile phone companies and fuel stations pushing for use of the multiple payment options.

Credit card subscribers make over 100,000 transactions each month, averaging Sh720 million with Barclays Bank of Kenya controlling 40 percent of Market share.

The Bank is now going for the 50 percent market share with a 50-day credit card campaign to drive the uptake and usage of the cards in the country.

The campaign will see lucky customers win fully-paid holidays in 50 days, depending on their usage of the credit cards.

Vimal Kumar, CEO, Retail & Business Banking at Barclays Africa Group Limited said cash management in business banking and SME sector is critical in catalyzing economic growth across Africa.

 “We are aware of the cash management needs in the Business and SME sector and we have already started working towards providing a solution for this sector to put more digital capabilities in their hands,” Kumar said.

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