KCB and MasterCard Forge New Partnership to Enhance Payment Services Across East Africa.

By Samuel Ouma

KCB Bank Kenya and MasterCard have signed a 5-year strategic collaboration agreement to improve value propositions for cardholders in the East African region.

In a statement, KCB Bank Kenya said the enhanced payment solutions will be introduced in Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda.

As part of the agreement, customers will receive exclusive benefits from various MasterCard payment solutions, including premium World and World Elite cards, youth pre-paid cards, and corporate cards.

Moreover, cardholders will also be able to conduct a variety of transactions, such as e-commerce payments, cross-border remittances, QR codes, and Tap on phone solutions.

The financial services leaders will use each other's advanced technological infrastructure to collaborate on innovative payment solutions and marketing campaigns to accelerate financial inclusion in specific regions.

This collaboration aims to increase trust, improve financial access and well-being, provide consumers with valuable experiences, and enable small and medium-sized businesses to benefit from their interactions with the bank.

“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," said KCB Group CEO Paul Russo.

KCB stated that leveraging its current capabilities, the collaboration aims to provide an exceptional experience for all cardholders, including a streamlined core product proposition and an enhanced 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,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.

“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.”