Interswitch Group, Africa’s largest digital payment company, has partnered Kenya’s Credit Bank Plc to launch a multi-currency prepaid card. The card is aimed at providing consumers with an excellent alternative banking card that allows for safe, secure and seamless electronic transactions.
Romana Rajput, Country General Manager, Interswitch Kenya, stated at the launch that the partnership is a boost to Interswitch’s issuing business; adding that it is further proof of the company’s leadership position in the financial services industry on the continent. “This is definitely a boost to Interswitch’s issuer-support and third-party processing business. We have been around for a while and we intend to keep entrenching digital payments in East Africa and across Africa as a whole. Now, customers will have access to the prepaid cards without necessarily having a bank account. The card can be funded through mobile money and it is widely accepted by merchants for payments and at the ATMs for withdrawals,” Rajput said.
Mr. Jack Ngare, Credit Bank Director, noted that the product is aimed at increasing financial freedom for the banked, unbanked and under-banked. “It is our aim to provide our customers with the control and confidence they need to manage their money smartly. Membership of the Visa network will allow the card holders to use it worldwide for payments and withdrawals, and to transact safely online and at ATMs,” Ngare said.
Interswitch’s flexible browser-based card management, issuing and transaction processing system, enables the issuance and management of multi-currency pre-paid card offerings by banks, retailers, corporations and other financial institutions that issue prepaid cards.
The prepaid card is a contactless touch-and-go card that can be used in stores, restaurants, filling stations, or to pay for services anywhere in the world. It can also be used on ATMs to withdraw funds. The card is Chip and PIN-enabled for secure online transactions and is ideal for everyday payments like utility payments or travelling expenses. Additionally, the prepaid card is similar to a debit card but does not need an account attached to it. It is value-based, such that customers can only spend the amount loaded on the card at a time.
Credit Bank’s new partnership with Interswitch further advances the digital payments’ ecosystem across Africa. It would be recalled that Visa acquired a 20 percent stake in Interswitch last year.
Interswitch is a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa.
We began in 2002 as a transaction switching and electronic payments processing business, building and managing payment infrastructure, delivering innovative payments solutions and driving transactions across Nigeria and other African markets. We provide secure solutions and services that facilitate convenience and real value for consumers, businesses, governments and other organizations, helping to reduce costs, improve operational efficiency and drive sustainable revenue growth.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa,visa.com/blog and @VisaNews
About Credit Bank
In operation since 1986, Credit Bank has grown to have a customer base of over 45,000, over 230 employees and over 10,000 shareholders. We take pride in our qualified Human Capital capable of delivering personalized financial solutions. The bank’s rallying call, My Friend, My Bank, reflects the same desire for success that drives our clients.
Credit Bank’s focus on the trade finance space has enabled the institution provide a unique proposition to SMEs.
The bank’s innovations have seen us named Best Bank in our category in Providing Customer Focused Financial Solutions by KBA in 2019, Best Bank in Tier III by Think Business and Best SME Partner Bank by The European.