KCB Bank Kenya, in partnership with Mastercard, has introduced the first multi-currency prepaid card in Kenya. This innovative card is designed to simplify international transactions, allowing users to make seamless payments across various global destinations.
Catering to the needs of students, sports enthusiasts, online shoppers, and businesses, this card offers a cost-effective solution for handling overseas transactions. By reducing high transaction fees, it provides greater convenience for frequent travelers and global spenders.
The multi-currency prepaid card supports 11 major currencies, including the Kenyan Shilling, US Dollar, British Pound Sterling, Euro, and more. This diversity in supported currencies makes it a versatile option for individuals and businesses conducting transactions in different parts of the world.
Angela Mwirigi, Director of Digital Financial Services at KCB Bank Kenya, emphasized the significance of this launch, stating that it represents a major milestone in their partnership with Mastercard. This collaboration aims to deliver exceptional financial solutions that reinforce their commitment to being the bank of choice in Kenya.
The card’s prepaid feature allows users to load specific amounts, giving them better control over their spending. With a self-serve portal on the website, users can conveniently manage their balances. Real-time exchange rates automatically convert currencies during transactions, eliminating the need for multiple wallets or manual currency exchanges.
Once enrolled, cardholders can access favorable exchange rates and lower conversion costs, making global spending more seamless. The card’s multi-currency management feature eliminates the necessity for separate currency accounts or multiple physical cards, ensuring greater convenience and security.
Shehryar Ali, Senior Vice President and Country Manager for East Africa at Mastercard, expressed excitement about the partnership, stating that they are thrilled to launch the country’s first platinum multi-currency prepaid card. This achievement marks a transformative step in redefining global commerce, simplifying cross-border transactions for individuals and businesses.
Overall, the collaboration between KCB Bank Kenya and Mastercard aims to provide secure, flexible, and accessible payment solutions that drive global opportunities. The introduction of the multi-currency prepaid card signifies a significant advancement in the financial services sector in Kenya.
Source: Tech in Africa
