To empower Kenyans with flexibility and convenience when making payments for goods or accessing funds across borders, KCB Bank, the African bank headquartered in Nairobi, Kenya, has partnered with paytech Compass Plus Technologies.
The new partnership will strengthen KCB Bank’s multi-currency offering by launching Kenya’s first platinum multi-currency prepaid card. It will allow users to load and transact in 11 currencies while helping users avoid the typical exchange fees associated with currency conversion.
Angela Mwirigi, director of digital financial services at KCB Bank: “The launch of this card is a celebration of the strengthening of our long-standing partnership with Compass Plus Technologies. This collaboration, once again, brings together two leaders in the industry, merging our expertise, innovation, and shared goal to provide exceptional financial solutions living up to our aspirations of being the bank of choice in Kenya.”
Adil Ahmed, vice president and deputy managing director, MEA at Compass Plus Technologies, added: “We are thrilled to have collaborated with KCB Bank on this exciting venture. Throughout our long-term partnership, KCB has always taken a forward-thinking approach to developing new card products to improve the lives of their customers. This card not only enhances the banking experience for KCB Bank’s customers but also sets a new industry standard for multi-currency prepaid cards in Africa.”
KCB Bank has been working with Compass Plus Technologies since 2012, when the bank successfully consolidated its three separate systems into one flexible in-house processing centre to handle its issuing, ATM, and POS acquiring businesses. Since then, the two parties have worked together on multiple projects to drive financial inclusion in Kenya and expand the bank’s presence in East Africa.
Perks once enrolled
Once enrolled, cardholders will enjoy favourable exchange rates and reduced conversion costs that eliminate unexpected charges and simplify global spending. The card’s ability to handle multiple currencies removes the need for separate currency accounts or physical cards, ensuring greater convenience and security.
The 11 currencies usable on the card are:
- Kenyan Shilling
- US Dollar
- British Pound Sterling
- Euro
- Swiss Franc
- Australian Dollar
- Canadian Dollar
- Indian Rupee
- Japanese Yen
- South African Rand
- Chinese Yuan
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