KCB Bank, in collaboration with Mastercard, has unveiled Kenya’s first multi-currency prepaid card, capable of supporting transactions in 11 currencies.
This groundbreaking financial tool is designed to improve spending management through its prepaid structure while offering real-time currency conversion, marking a major step forward in Kenya’s fintech sector.
With the ability to hold and manage multiple currencies in a single account, the card streamlines international transactions for travelers, eCommerce users, and businesses.
It reduces dependence on traditional currency exchange services, providing a seamless solution for navigating cross-border payments.
The supported currencies include the Kenyan Shilling, US Dollar, British Pound Sterling, Euro, Swiss Franc, Australian Dollar, Canadian Dollar, Indian Rupee, Japanese Yen, South African Rand, and Chinese Yuan.
This extensive range makes the card versatile for both local and international financial needs.
A standout feature of the card is its prepaid functionality, allowing users to load specific amounts and exercise better control over their spending.
The card can be managed through a self-service portal on the KCB website, while automatic currency conversion based on real-time exchange rates simplifies transactions and eliminates the complexities of managing multiple wallets or currencies.
Kenya, known for its fintech leadership, particularly with innovations like the M-PESA mobile money platform, continues to strengthen its reputation with this launch.
The partnership between KCB Bank and Mastercard demonstrates the growing trend of collaborations aimed at improving financial inclusion. Combining Mastercard’s global payment expertise with KCB’s strong local presence, the initiative aligns with Kenya’s vision of fostering economic growth through innovative financial solutions.
The Kenyan government has long supported financial inclusion, creating an environment conducive to technological advancement in the financial sector.
The introduction of this prepaid card complements these efforts by providing secure, scalable, and efficient payment options tailored to the evolving demands of the market.
This launch follows KCB Bank’s June 2023 introduction of a contactless payment service, developed in partnership with Visa and Thales.
That product, the first of its kind in Kenya, allowed NFC-enabled Android smartphones and Garmin wearables to facilitate contactless payments via the KCB app.
As Kenya’s fintech industry continues to grow, the multi-currency prepaid card is expected to significantly benefit frequent travelers, online shoppers, and businesses engaged in import and export by reducing currency conversion costs while ensuring secure and convenient access to funds.
This innovation reflects the country’s commitment to simplifying financial transactions and advancing digital financial solutions.
