Diamond Trust Bank (DTB) and global technology company Mastercard today announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya. The Agreement, a first of its kind in the region, will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology.
The agreement will enable DTB to process and settle payments in a faster, more convenient, cost effective and regulated way as it works to increase its footprint in the region. The agreement will also improve the reach and ability of fintechs, edu techs and health techs to accept or make card payments securely and swiftly.
This partnership reiterates both Mastercard’s and DTB’s commitment to empower digital service providers in the region with the much-needed solutions to scale and expand their businesses. In keeping with both companies’ strategic goals is the commitment to drive financial inclusion and partner with new and emerging players to digitize payments across East Africa.
The bank has also received approval from the Central Bank of Kenya to offer Cards-as-a-Service using their regulatory license to tech-enabled approved partners.
Speaking during the signing ceremony in Nairobi, Nasim Devji, Group Chief Executive Officer at DTB stated, “We are delighted to partner with Mastercard on this groundbreaking agreement. We have had a long and fruitful relationship with Mastercard and welcome this opportunity to support innovation in the financial sector. We believe that this partnership will not only enable us to enhance our service offering, but also contribute to the development of a more inclusive and advanced digital payment ecosystem in East Africa.”
Devji said with Digital Transformation being a key pillar of the bank’s growth strategy, the partnership is aligned to drive DTB’s positioning as the fintech partner of choice across Africa. As one of the pioneers in the fintech space, Mastercard is excited to empower today’s emerging innovators on disruptive solutions through programs and partnerships of this kind.
Mastercard’s technology is fully equipped to empower its partners to launch innovative and relevant solutions that will create a strong value proposition for all customers. Its commitment to financial inclusion means the company is actively leveraging the latest technology to simplify transactions aligning with its focus on localizing its solutions to address specific market needs.
“Mastercard has a digital first approach, which enables us to provide innovative and secure solutions that benefit both fintech companies and consumers. Our innovation approach has been based on establishing partnerships that can drive the expansion of digital and financial inclusion in Africa. Our long-standing partnership with DTB marks a significant step in our commitment to empowering digital service providers in the region with much-needed solutions to scale and grow their businesses,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.
DTB’s partnership with Mastercard reinforces the bank’s position as a leader in the banking industry in East Africa and demonstrates the commitment to delivering innovative solutions that cater to the evolving needs of its customers.
This landmark agreement is the latest partnership between DTB and Mastercard in East Africa with the bank exclusively issuing Mastercard payment cards in Kenya, Uganda, and Tanzania. The partnership supports the growth of digital solutions in the region, playing a critical role in increasing customer touchpoints with DTB and creating access to the various services offered through Mastercard.