Diamond Trust Bank (DTB) and Mastercard have announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya. The Agreement 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, 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 (CBK) 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.
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.
Diamond Trust Bank Kenya Limited (DTB) is a regional bank listed on the Nairobi Securities Exchange (NSE). An affiliate of the Aga Khan Development Network (AKDN), DTB has operated in East Africa for in East Africa for over 75 years. DTB provides a range of banking solutions through its 135-plus branch network and digital channels across East Africa.