Mastercard Regional Vice President James Wainana (left) hands over the Certificate to GT Bank Kenya MD Adekunie Sonola
Guaranty Trust Bank (GTBank) has been licenced by MasterCard to issue its debit, credit and prepaid cards in Kenya, a move expected to increase the adoption of electronic payments in the country, especially in the retail banking sector.
The partnership will also make it possible for cardholders to enjoy access to over 36.9 million MasterCard Point of Sale (PoS) terminals in over 210 countries and territories where MasterCard is accepted.
“MasterCard’s vision for East Africa and the rest of Africa is a world beyond cash and we can only achieve this by working with industry partners that have a similar goal,” James Wainaina, vice president and area business head for MasterCard East Africa, said.
“As our nation moves towards being a cashless society, we are proud to work with GTBank as they move towards retail banking and whose retail focus will further the adoption of electronic payment systems in Kenya’s fast-growing retail sector.”
With the entry to Kenya, GT Bank has increased its portfolio from corporate-focused banking to retail banking.
Additionally, existing retail payment products are expected to be converted to those of MasterCard.
Adekunle Sonola, managing director of GTBank East Africa, said: “As we move towards fully establishing a strong retail banking sector, we are pleased to collaborate with MasterCard, which is already working with industry stakeholders to develop market relevant payment products and solutions.
“Our newly established operations in East Africa will allow us to provide our customers with financial products that meet their evolving banking needs. As a bank that is passionate about innovation, we are pleased to work with MasterCard, an organisation that is a leader in this area.”
MasterCard is currently working in partnership with governments and financial institutions in Kenya and across the continent to broaden usage and acceptance of electronic payments, thus promoting their benefits relative to cash transactions of convenience, security and reliability.
HumanIPO reported in February MasterCard had joined Visa, Google and Safaricom in rolling out a service allowing Kenyan commuters to pay public transport fares using mobile money.
