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Mastercard Incorporated (MA) has recently entered into a strategic collaboration with KCB Bank, a prominent financial institution in Kenya, to provide a comprehensive array of advantages to cardholders in East Africa.
The five-year agreement will harness the technological prowess of both partners to develop innovative payment solutions and marketing strategies for the region.
As part of this joint effort, customers in Kenya, Rwanda, Burundi, South Sudan, Tanzania, and Uganda will have access to Mastercard’s diverse payment solutions, including World and World Elite cards, youth prepaid cards, and corporate cards. Cardholders within these territories will enjoy the convenience of engaging in e-commerce transactions, cross-border remittances, QR code payments, and Tap on Phone payments.
In a collaborative statement issued on Monday, the two entities highlighted their intention to utilize advanced technological networks to co-create inventive payment solutions and marketing campaigns, aiming to expedite financial inclusion in the specified regions.
KCB Group CEO, Paul Russo, expressed the bank’s commitment to leveraging technology to transform how customers in East Africa access financial services. He stated,
“This collaboration is also part of our commitment to continually extend a variety of benefits to them while at the same time shaping the future of commerce and forging new paths for inclusive economic growth.”
Mark Elliott, Mastercard’s division president for Sub-Saharan Africa, characterized the partnership as the result of a shared dedication to accelerating digital transformation and fostering financial inclusion in the region. Elliott commented,
“We have collaborated to build an innovative, inclusive, and sustainable future in payments, grounded in the shared values of advancing the communities we both serve. We are delighted to partner and deliver a differentiated value proposition for both individual and SME businesses that will drive new payment experiences and increased financial access across East Africa.”
This collaboration is expected to strengthen KCB Group’s existing capabilities and introduce an innovative core product lineup, providing a seamless digital experience for cardholders.
Mastercard’s focus on advancing digitization in East Africa aligns with the region’s growing digital economy, propelled by increasing mobile phone usage, a steady rise in Internet penetration rates, and supportive government policies, underscoring the significance of this strategic initiative.
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