- KCB Bank has partnered with Mastercard to introduce Kenya’s first multi-currency prepaid card, supporting 11 currencies.
- The card promotes spending control with a prepaid feature and real-time currency conversion.
- The launch highlights Kenya’s leadership in financial technology innovation in Africa and is expected to redefine how Kenyan consumers and businesses conduct cross-border transactions.
This card allows users to manage multiple currencies in a single account, enabling seamless travel, eCommerce, and business transactions. By reducing reliance on traditional currency exchange services, it offers a streamlined solution for individuals navigating the complexities of international payments.
The 11 currencies supported by the card include the Kenyan Shilling, US Dollar, British Pound Sterling, Euro, Swiss Franc, Australian Dollar, Canadian Dollar, Indian Rupee, Japanese Yen, South African Rand, and Chinese Yuan. This comprehensive range caters to both regional and global financial needs.
Additionally, the prepaid feature will allow cardholders to load specific amounts, promoting better control over spending. Users can access this feature through a self-serve portal on the KCB website.
Real-time exchange rates ensure automatic currency conversion during purchases, simplifying transactions and eliminating the hassle of currency exchanges or managing multiple wallets.
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Kenya has long been recognised as a pioneer in fintech innovation, most notably with the introduction of M-PESA, a mobile money service that revolutionised financial transactions across Africa. This latest innovation builds on that legacy, cementing the country’s position as a leader in digital finance.
The collaboration between KCB Bank and Mastercard reflects the growing trend of partnerships aimed at enhancing financial inclusion.
Leveraging Mastercard’s global payment infrastructure and KCB Bank’s robust local presence, this initiative aligns with Kenya’s goal to improve access to innovative financial products while driving economic growth.
The Kenyan government has been a strong proponent of financial inclusion, providing a regulatory environment that supports innovation in the financial sector. This prepaid card aligns with these efforts, offering secure, efficient, and scalable payment solutions to meet the needs of the evolving market.
In June 2023, Kenya Commercial Bank (KCB), in partnership with Visa and Thales, launched a contactless payment service. This service allows customers with near-field communication (NFC)-enabled Android smartphones or Garmin wearables to make contactless payments through the KCB app, marking the first time such a product was available in Kenya.
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As Kenya’s fintech ecosystem continues to grow, the introduction of the multi-currency prepaid card underscores the nation’s commitment to adopting forward-thinking solutions that simplify financial transactions for its citizens.
This product is expected to significantly benefit frequent travelers, import-export businesses, and online shoppers by minimising costs associated with currency conversions while ensuring security and ease of access.