Chase Bank (K) Limited, Naivas Supermarket and Visa have announced a partnership to launch a secure prepaid card for shopping convenience in Kenya, featuring the latest chip-based technology to cut the risk of fraud.
The prepaid card, which is based on EMV chip technology, allows users to better manage their finances by eliminating the need to carry cash, while enjoying the convenience of shopping at any Naivas outlet and Visa-enabled physical or online retail points.
The card also acts as loyalty card to reward Naivas customers.
According to Chase Bank’s deputy chief executive officer (CEO) Paul Njaga, the Naivas card powered by Visa is unique.
“This is a family card, a tool of empowerment and a key to the financial freedom and prudence that every household desires. This is complemented by the easy access and control through web-based services. This feature enables users to manage their budgets and minimize risk of overspending,” he said.
The card is further supported by Internet and mobile access to account balance, statements and stop card functionality. The card boasts access to over one million ATMs and 29 million merchants worldwide.
Naivas will run an E-Coin facility so customers’ change can be loaded directly onto the card.
“For those lacking access to traditional banking services, the option of a prepaid card helps the underserved move from an inefficient and costly cash-and-carry lifestyle to a more convenient and secure way to make everyday purchases,” said Jabu Basopo, Visa country manager for Southern and East Africa.