KCB Bank Kenya and MasterCard have made a strategic collaboration, signing a 5-year framework aimed at enriching cardholder experiences across the East African region. The comprehensive agreement encompasses Kenya, Rwanda, Burundi, South Sudan, Tanzania, and Uganda, promising a host of enhanced payment solutions and exclusive benefits for customers.

Payment Solutions for Consumer and Business

The collaboration will introduce a diverse range of MasterCard payment solutions tailored to meet the evolving needs of consumers and businesses alike. Cardholders can anticipate an array of benefits, including access to premium World and World Elite cards, youth pre-paid cards, and corporate cards. Moreover, the partnership extends to facilitating various transactions such as e-commerce payments, cross-border remittances, QR, and Tap on phone solutions.

Both KCB Bank Kenya and MasterCard pledge to leverage their respective technological expertise to co-create innovative payment solutions and marketing initiatives. This collaboration aims to catalyze financial inclusion across target territories, fostering trust, expanding financial access, and empowering small and mid-sized businesses to derive value from their interactions with the bank.

"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," said Mark Elliott, the Division President for Sub-Saharan Africa at Mastercard.

Harnessing Technology for Financial Services Accessibility

The collaboration sets the stage for a transparent payment system across the region, with a focus on scaling simple and locally relevant digital solutions to consumers and small, mid-sized, and micro-businesses alike. It represents a significant step towards achieving a shared ambition to accelerate payment innovation and prioritize consumers' needs in the East African payments landscape.

KCB Group's 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.”