MasterCard has announced the licensing of Jamii Bora Bank to issue MasterCard debit, prepaid and credit cards in Kenya in expectation of enhancing the adoption of electronic payments among the bank's niche clientele.
MasterCard says it believes that this licensing partnership will see more and more Jamii Bora's increasing customer base adopt the latest technological awarding of this license will further grow the bank and its customers and members achieve and exceed their own measures of success in every aspect of their lives. :"MasterCard is committed to advancing a cashless society in Kenya and recognize that this can only be done by working with industry partners that have a similar goal.
Financial inclusion for the unbanked and under-banked is a key focus for MasterCard in Kenya and the region. Through partnerships such as this one with Jamii Bora, we aim to enhance the adoption of electronic payments as a way to include the unbanked and under-banked into the financial services mold," says James Wainaina Vice President and Area Business Head, MasterCard East Africa
Commenting on the partnership, Samuel Kimani, Chief Executive Officer, Jamii Bora Bank says, "As we continue to invest in new technology that makes payment more convenient for our customers, we are certain that this collaboration with MasterCard is a positive step in attaining this goal. We aim to continue to provide our customers with customized, relevant products that meet their growing financial needs."
Through this partnership, card holders will enjoy access to over 36.9 million MasterCard Point of Sale terminals in over 210 countries. The collaboration comes at a time when MasterCard is working in partnership with governments and financial institutions in Kenya and across the continent to broaden usage and acceptance of electronic payments, thus promoting their benefits relative to cash transactions of convenience, security and reliability.