KCB and MasterCard in new deal to expand payment in East Africa

KCB Bank Kenya and Mastercard have formed a 5-year strategic partnership to offer improved value propositions to cardholders in the East African region. This payment solution will be introduced in six countries namely, Kenya, Rwanda, Burundi, South Sudan, Tanzania, and Uganda.

Customers will enjoy exclusive benefits ranging from a wide spectrum of MasterCard payment solutions including premium World and World Elite cards, youth pre-paid, and corporate cards. In addition, cardholders will be able to perform a range of transactions including e-commerce payments, cross-border remittances, QR, and Tap on phone solutions.

The two leaders in the financial services space will leverage each other’s advanced technological network to co-create innovative payment solutions and marketing initiatives to leapfrog financial inclusion in target territories. In turn, it will enable them to deliver trust, deepen financial access and wellness, connect consumers with priceless experiences, and empower small and mid-sized businesses to derive value from their interaction with the bank.

Speaking during the signing ceremony in Nairobi, 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.”

This market-forward multi-year collaboration provides the requisite resources to achieve a shared ambition that accelerates the speed of payment innovation in the East African payments space and places the consumers’ needs at the center of this engagement. It builds on KCB Group’s existing capabilities to provide a best-in-class offering for all its cardholders, delivering a simplified core product proposition, and optimized digital experience.

"Mastercard and KCB Group share a passion and commitment to accelerate digital transformation and financial inclusion across Kenya and the greater region. 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," said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.

This agreement will set the pace for an evolved and transparent payment system across the region, scaling simple and locally relevant digital solutions to both consumers and small, mid-sized, and micro businesses.

By:  Nana Appiah Acquaye