MasterCard has announced that it has licensed Nigeria’s Guaranty Trust Bank (GTBank) to issue its debit, credit and prepaid cards in Kenya.
The collaboration is expected to increase the adoption of electronic payments in the country, especially in the retail banking sector.
The partnership will see cardholders in Kenya enjoy access to over 36.9 million MasterCard Point of Sale terminals in over 210 countries and territories where MasterCard is accepted. The GTBank-MasterCard partnership is coming at a time when the latter is partnering with governments and financial institutions across Africa to broaden the usage and acceptance of electronic payments, thus promoting their benefits relative to cash transactions.
Speaking on the collaboration, Adekunle Sonola, Managing Director, GTBank East Africa says “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.”
According to Sonola, the bank’s 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 organization that is a leader in this area.”
James Wainaina, Vice President and Area Business Head, MasterCard East Africa says “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. 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.”