Chase Bank and the University Students Community Organisation, better known as UNISCOO, have launched a pre-paid MasterCard that will allow over 26,000 student members countrywide to shop at a discount - at any MasterCard enabled merchant shop or through online purchases.
Head of Programs for UNISCOO, Peter Odhiambo, said that the card is aimed at giving college students an easy way to manage funds that is convenient, secure and affordable.
"Basically, it's a card that allows students to get discounts of an average of Sh300 once they sign up and begin using it. Once you get the card, you load it up and start using it and the advantage is that you won't be paying the same prices for products as everyone else in the country," he explained.
Topping up the card can be done at any Chase Bank Branch as well as through M-Pesa and Airtel Money at no additional cost and Odhiambo added, that the card also acts as an ID card for all UNISCOO members.
He explained that big companies and corporations such as Chase Bank are looking to be part of this initiative in order to build a loyal base of young, impressionable consumers.
"Part of the logic is loyalty. As you know, university students make up medium income earners in the country. In five years, these students will have their own money and options on how they want to spend it in the market," he said.
"If someone has been loyal for four years to a brand or institution, after they finish school, they will remain loyal customers and consumers," he emphasised.
Assistant General Manager at Chase Bank John Fernandez noted that the UNISCOO card is a unique and target specific card that is powered by MasterCard as a tool of empowerment in order to provide financial freedom to every young person that craves it.
"The bank intends to launch many more youth oriented products that will not only provide a financial platform for the youth to becomes tomorrow's leaders, but also products that address their lifestyle issues today," he added.
With the UNISCOO pre-paid MasterCard card, students will have access to discounts at partner outlets such as; Nakumatt, Imax cinema, Uchumi, Ashley's Salon and BarberShop, Text Book Centre, Samsung, Dixons, Bidco, Bata, ChickKing and PhoneExpress.
MasterCard East Africa and Indian Ocean Islands Vice President James Wainaina said that the UNISCOO card is about convenience, lifestyle, an identity and above all, inclusion; which is why card holders will be able to not only enjoy efficient payments and safe, easy access to their money, but also the added value of partnerships with entertainment, retail, education, technology and even grooming providers.
UNISCOO is an organisation formed by students as a platform for their empowerment and its core premise is to unite the student fraternity and provide economic empowerment through internships, mentorships, entrepreneurship and social initiatives.
UNISCOO president Jed Ondiko revealed that, "In the future, we have a great conviction that The UNISCOO MasterCard holders will earn smart points on purchases made at any of the 33 million retailers and businesses across the 210 countries that accept MasterCard."