KCB Bank Kenya has partnered with Mastercard, a global payment technology company, to launch Kenya’s first multi-currency prepaid card.
The card supports 11 currencies and aims to simplify international transactions for users across various destinations.
The partnership seeks to enhance the convenience and cost-efficiency of international payments for students, businesses, athletes, and other frequent global spenders.
By introducing this innovative solution, KCB Bank Kenya and Mastercard aim to address the challenges of currency conversion fees and the inconvenience of managing multiple accounts for different currencies.
KCB Bank Kenya is renowned for its comprehensive banking services that cater to individual, corporate, and SME clients, and its focus on digital financial solutions.
Mastercard is a global leader in payment innovation, offering secure and flexible payment technologies to individuals and businesses worldwide.
The card supports 11 hard currencies, including the Kenyan Shilling, US Dollar, British Pound Sterling, Euro, Swiss Franc, Australian Dollar, Canadian Dollar, Indian Rupee, Japanese Yen, South African Rand, and Chinese Yuan.
This eliminates the need for multiple physical cards or currency accounts, making it a convenient tool for global commerce.
Cardholders will benefit from reduced transaction fees, favourable exchange rates, and the ability to load specific amounts onto the card.
These features provide better spending control and ensure security during global transactions. Additionally, users can manage their accounts and monitor their spending through a self-serve portal on the website, offering real-time exchange rate updates and automatic currency conversion during purchases.
Angela Mwirigi, director digital financial services at KCB Bank Kenya, said, “The launch of this card is a celebration of the strengthening of our long-standing partnership with Mastercard. This collaboration, once again, brings together two leaders in the industry, merging our expertise, innovation, and shared goal to provide exceptional financial solutions living up to our aspirations of being the bank of choice in Kenya.”
Highlighting Mastercard’s vision, Shehryar Ali, senior vice president and country manager for East Africa and Indian Ocean Islands at Mastercard, noted, “We are delighted to collaborate with our key strategic partner, KCB Bank Kenya in launching the country’s first platinum multi-currency prepaid card offering the highest number of currencies— This is a historic milestone in redefining global commerce. This innovative solution simplifies cross-border transactions, enabling individuals and businesses to focus on what matters most. At Mastercard, we are committed to fostering cutting-edge, secure, flexible, and accessible payment ecosystems that drive global opportunity.”
This partnership demonstrates KCB Bank Kenya’s and Mastercard’s shared commitment to delivering innovative financial solutions in a dynamic and evolving global payments ecosystem.
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