Inclusion

Boosting payment solutions for tech-enabled companies in Kenya

May 3, 2023 | By Mark Elliott

As a pioneer in the fintech space, Mastercard is keen to empower today’s emerging innovators to develop and implement disruptive solutions that create strong value propositions for consumers across the African continent. Its digital-first approach, combined with its commitment to financial inclusion, means the company is actively leveraging the latest technology to simplify transactions in line with its focus on localizing its offerings to address specific market needs.

In Kenya, Mastercard signed a strategic agreement with Diamond Trust Bank (DTB) that will allow tech-enabled companies to issue their own payment cards through the bank using Mastercard’s technology. The first partnership of its kind in the region has empowered 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. It has also improved the ability of fintech, edutech, and health tech companies to accept and make card payments securely and swiftly.

The collaboration is based on Mastercard’s and DTB’s shared commitment to equipping digital service providers in the region with the much-needed solutions to scale and expand their businesses. Both companies are keen to partner with new and emerging players to digitize payments in East Africa.

The partnership will strengthen DTB’s position as the fintech partner of choice across Africa and contribute to the development of a more inclusive and advanced digital payment ecosystem on the continent.

DTB is the exclusive issuer of Mastercard payment cards in Kenya, Uganda, and Tanzania. Its long-standing relationship with the global payment technology company 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.

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Mark Elliott, Division President, Sub-Saharan Africa