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 was 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 multicurrency 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.