KCB Bank Kenya and Mastercard have entered a 5-year strategic collaboration framework aimed at providing enhanced value propositions to cardholders across the East African region. This collaboration will see the rollout of payment solutions in Kenya, Rwanda, Burundi, South Sudan, Tanzania, and Uganda.

Customers can expect exclusive benefits, including a wide spectrum of Mastercard payment solutions such as premium World and World Elite cards, youth pre-paid, and corporate cards. Additionally, cardholders will have access to various transactions, including e-commerce payments, cross-border remittances, QR, and Tap on phone solutions.

During the signing ceremony in Nairobi, KCB Group CEO, Paul Russo, stated, “We want to tap technology and our expertise to revolutionize how our customers in East Africa access our financial services. This collaboration is also part of our commitment to continually extend a variety of benefits to them while at the same time shaping the future of commerce and forging new paths for inclusive economic growth.”

The strategic collaboration aims to co-create innovative payment solutions and marketing initiatives leveraging each other’s advanced technological networks. This initiative seeks to leapfrog financial inclusion in target territories, deliver trust, deepen financial access and wellness, connect consumers with priceless experiences, and empower small and mid-sized businesses to derive value from their interaction with the bank.

Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, expressed, “Mastercard and KCB Group share a passion and commitment to accelerate digital transformation and financial inclusion across Kenya and the greater region. We have collaborated to build an innovative, inclusive, and sustainable future in payments, grounded in the shared values of advancing the communities we both serve. We are delighted to partner and deliver a differentiated value proposition for both individual and SME businesses that will drive new payment experiences and increased financial access across East Africa.”

This market-forward multi-year collaboration is designed to accelerate payment innovation in the East African payments space and prioritize consumers’ needs. It builds on KCB Group’s existing capabilities to provide a best-in-class offering for all its cardholders, delivering a simplified core product proposition, and optimized digital experience.

The agreement between KCB Bank Kenya and Mastercard sets the pace for an evolved and transparent payment system across the region. It aims to scale simple and locally relevant digital solutions to both consumers and small, mid-sized, and micro businesses, thereby driving financial inclusion and economic growth in East Africa.