Kenya’s leading financial institution, the KCB Bank Kenya has entered into a partnership agreement with Ukheshe to issue both physical and virtual banking cards across East Africa. According to Victor Ndlovu, VP of Ukheshe Africa, the deal will include other innovative digital products such as QR issuing and acquiring.
“By joining forces with KCB we are well-placed to address several open-loop market opportunities while boosting wider consumer adoption. Payment options across various segments will benefit such as payroll, companion cards, multi-currency prepaid cards, travel cards and gift cards, together with social security and other government benefit programs such as insurance claims.”
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Ndlovu says financial inclusion remains a massive challenge in the region and across the continent where millions of people are either unbanked or severely underserved.
“With a shared objective of contributing to economic growth and financial freedom on the continent, Ukheshe and the KCB will meet the bourgeoning demand for viable cash alternatives.”
In recent months, Ukheshe has ramped up efforts to establish and enhance key partnerships in Africa as the continent shifts towards digital channels, products and services across all categories.
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“Embracing a digital-first approach is not only a win for African consumers but for fintechs, banks, payment processors, as well as issuers and merchants. Our agreement with KCB will escalate our impact in transforming the payment space while collaborating with key industry players to stimulate the uptake of digital payments,” notes Ndlovu.
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“We are keen on continually expanding our digital offering and card business to serve customers and deepening financial inclusion. KCB has been at the forefront of digitising transactions to offer customers seamless services,” says Annastacia Kimtai, KCB Director Retail Banking.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry