KCB Bank Signs Five-Year Deal With Mastercard to Simplify Digital Payments in East Africa

Mastercard Incorporated (MA) has recently forged a strategic partnership with one of the top banks in Kenya, KCB Bank, to offer an extensive range of benefits to cardholders in the East African region. 

The five-year deal will leverage the partners’ advanced technological infrastructure to develop innovative payment solutions and marketing strategies.

Through this collaboration, customers in Kenya, Rwanda, Burundi, South Sudan, Tanzania, and Uganda will gain access to Mastercard’s suite of payment solutions, including World and World Elite cards, youth prepaid cards, and corporate cards. Cardholders in these regions will be empowered to conduct e-commerce transactions, cross-border remittances, QR code payments, and Tap on Phone payments.

In a joint statement on Monday, the two firms said they will leverage each other’s advanced technological networks to co-create innovative payment solutions and marketing initiatives to leapfrog financial inclusion in the target territories.

Speaking on the partnership, KCB Group CEO Paul Russo said, 

“We want to tap technology and our expertise to revolutionize how our customers in East Africa access our financial services. 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.”

Also speaking, MasterCard’s division president for Sub-Saharan Africa, Mark Elliott termed the deal as the culmination of shared passion and commitment to accelerate digital transformation and financial inclusion across the region.

In his words, 

“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.”

The collaboration is poised to enhance KCB Group’s existing capabilities and offer an innovative core product lineup, delivering a seamless digital experience for its cardholders.

Additionally, Mastercard’s focus on advancing digitization throughout the East African region is evident in this strategic move. The region’s burgeoning digital economy, fueled by rising mobile phone usage, steady growth in Internet penetration rates, and supportive government policies, underscores the importance of this initiative.