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August 5, 2014

KCB seeks Kenyan central bank’s approval for cross-border payment cards

Kenya Commercial Bank Group (KCB) is awaiting approval from the Central Bank of Kenya for upgrading its payment cards, which will enable cardholders to transact across six regional markets.

By Verdict Staff

Kenya Commercial Bank Group (KCB) is awaiting approval from the Central Bank of Kenya for upgrading its payment cards, which will enable cardholders to transact across six regional markets.

To offer added security, the bank is combining its chip-and-pin compliant cards to Near Field Communication (NFC) capability, which would be completed by end of the month, as reported by allafrica.com.

NFC technology enables users to exchange data between digital devices, allowing customers to pay by tapping instead of swiping their cards.

The bank is planning to issue five million NFC-enabled chip cards by end of 2014 and has already powered the NFC capable Nakumatt Global Debit cards in partnership with Diamond Trust Bank.

"We are looking at transforming each of our payment space from cash to cashless and so you will see much more aggressive investments in our points of sale whether mobile or normal PDQs (Process Data Quickly – devices that process credit and debit card transactions)," KCB chief executive Joshua Oigara told the publication.

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