Jamii Bora Bank will issue the new debit cards which come with an added insurance package to its more than 300,000 customers next month, after signing a deal with Heritage Insurance yesterday.
Customers will be paid up to Sh40,000 losses incurred if their cards are fraudulently used or stolen and stolen cards will be replaced at no extra cost. However the loss must be reported to the bank and the police within 24 hours.
The card will also come with insurance for any item purchased using it for a period of up to 90 days.
"The goods will be insured against theft, burglary, robbery and accidental loss," said Samuel Kimani, chief executive officer of JBB. A life cover will be another value included in the new EMV card.
He also said that the bank is planning to begin issuing credit cards in partnership with Master Card.