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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Banking»KCB Bank and Mastercard launch Kenya’s first multi-currency prepaid card to enhance financial transactions
    KCB BANK MASTERCARD

    KCB Bank and Mastercard launch Kenya’s first multi-currency prepaid card to enhance financial transactions

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    By Tapiwa Matthew Mutisi on January 25, 2025 Banking, Business, Card Products, Financial Services, News, Partnerships, Payments

    KCB Bank has teamed up with Mastercard to launch Kenya’s first multi-currency prepaid card, which supports transactions in 11 different currencies. This innovative card is designed to enhance spending control through its prepaid feature and offers real-time currency conversion, making it a significant advancement in Kenya’s financial technology landscape.

    The multi-currency prepaid card allows users to manage multiple currencies within a single account, facilitating seamless travel, eCommerce, and business transactions. By minimizing reliance on traditional currency exchange services, it provides a streamlined solution for individuals navigating the complexities of international payments.

    The card supports a diverse range of 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 comprehensive selection caters to both regional and global financial needs, making it a versatile tool for users.

    One of the key features of the card is its prepaid functionality, which enables cardholders to load specific amounts, thereby promoting better control over their spending. Users can easily manage their funds through a self-service portal available on the KCB website. Additionally, real-time exchange rates ensure automatic currency conversion during purchases, simplifying transactions and eliminating the hassle of dealing with currency exchanges or managing multiple wallets.

    Kenya has long been recognized as a leader in fintech innovation, particularly with the introduction of M-PESA, a mobile money service that transformed financial transactions across Africa. This latest development builds on that legacy, reinforcing the country’s position as a frontrunner in digital finance.

    The collaboration between KCB Bank and Mastercard reflects the growing trend of partnerships aimed at enhancing financial inclusion. By leveraging Mastercard’s global payment infrastructure alongside KCB Bank’s strong local presence, this initiative aligns with Kenya’s objective to improve access to innovative financial products while fostering economic growth.

    The Kenyan government has actively supported financial inclusion, creating a regulatory environment conducive to innovation in the financial sector. The introduction of this prepaid card aligns with these efforts, offering secure, efficient, and scalable payment solutions that meet the evolving needs of the market.

    In June 2023, KCB Bank, in partnership with Visa and Thales, launched a contactless payment service that allows customers with near-field communication (NFC)-enabled Android smartphones or Garmin wearables to make contactless payments through the KCB app. This marked a significant milestone as the first such product available in Kenya.

    As Kenya’s fintech ecosystem continues to expand, the launch of the multi-currency prepaid card underscores the nation’s commitment to adopting innovative solutions that simplify financial transactions for its citizens. This product is expected to greatly benefit frequent travelers, import-export businesses, and online shoppers by reducing costs associated with currency conversions while ensuring security and ease of access.

    Mastercard opens new office in Accra, Ghana to strengthen West African presence

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    Africa Banking Business Collaborations financial services innovation KCB Bank Kenya Mastercard Multi-currency Partnerships Pre-paid Card Technology
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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