MasterCard and Kenya Commercial Bank yesterday announced a partnership to launch five million Europay, MasterCard and Visa prepaid, debit and credit cards in Kenya over the next five years.
President, MasterCard Operations & Technology, Rob Reeg said the MasterCard prepaid, debit and credit cards with chip-enabled technology which offers fast and secure transactions will be issued first into the Kenyan market and then extended into East Africa.
"MasterCard is committed to extending financial inclusion for the unbanked and under-banked in the region," said Reeg.
KCB Group chief executive Joshua Oigara said that Kenya's financial sector has experienced significant change in the last few years.
He said it has become one of the most vibrant sectors of the economy and to increase the number of people using formal financial services and switching to cashless transactions they must ensure both existing and potential customers are given not just convenient, but a secure means of making transactions.