Africa’s largest digital payment platform, Interswitch, has entered into a partnership with Kenyan based Credit Bank Plc to launch a multi-currency prepaid card.
The prepaid card aims at providing consumers with a seamless alternative banking card that allows for secure and seamless online transactions.
This is further reinforcing the fact that digitization has come to stay in Africa. Just as inventions such as paystack and remita are changing the scope of the fintech across Africa, Interswitch is making life easier for the unbanked and underbanked.
Romana Rajput, Interswitch Kenya General Manager made the declaration at the official launch of the novel fintech innovation as he noted that the partnership is a boost to Interswitch’s business. According to him, it is further proof that the company will continue to be a trailblazer in the continent’s financial world.
“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 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,” He said.
In his own address, the Credit Bank Director, Mr. Jack Ngare, highlighted that the product is 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 cardholders to use it worldwide for payments and withdrawals, and to transact safely online and at ATMs,” He said.
Interswitch’s flexible card management, issuing, and transaction processing system allows for the issuance and management of multi-currency pre-paid card services by banks, retailers, corporations, and other financial institutions.
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.
The card is Chip and PIN-enabled for secure online transactions and is ideal for everyday payments like utility payments or traveling expenses.
The prepaid card is similar to a debit card but does not need an account attached to it. It is value-based, such that customers can only spend the amount loaded on the card at a time.
This new collaboration will further increase awareness about digital transactions across the African space as it is a deliberate attempt to bring banking closer to the people as they conform to the new normal.
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