East African retail chain Nakumatt Holdings Ltd. launched on Wednesday the Nakumatt Global Prepaid MasterCard in partnership with Diamond Trust Bank and Kenya Commercial Bank.
The new card, which is EMV-compliant, replaces Nakumatt’s Cybercash loyalty smartcard and provides a number of additional security features.
Existing smartcard holders will continue to accumulate points for all purchases made in Nakumatt stores. Cardholders will also earn smart points for purchase made at anyplace MasterCard is accepted.
Nakumatt Holdings Managing Director Atul Shah said the company plans to revamp its financial products and services.
“At Nakumatt, we have managed to integrate a most advanced Payment Gateway switch linking us with other financial service providers to facilitate the robust delivery of a number of financial services and products,” Shah said. “The transformation of the Nakumatt Smart Card to a Prepaid MasterCard card confirms our readiness to facilitate a general evolution of the local retail financial services, subject to regulatory approvals.”
The new card will be powered by DTB and KCB and will feature contactless technology, which provides users with a “tap and go” option.
“Coming so soon after the recent tragedy, this card is a true reflection of Nakumatt’s and our other partners’ resolve to triumph over adversity,” Daniel Monehin, the sub-Saharan Africa division president, at MasterCard said. “The Nakumatt Global Prepaid MasterCard card is a great win for this market and a proof that MasterCard’s vision of a world beyond cash is not only possible but is actually happening. Today, 85 per cent of the world’s transactions are still carried out in cash and check. In Kenya, this figure stands at over 98 per cent, and we believe that the launch of this card will be a notable victory for the push for increased cashless transactions.”
KCB said partnerships with Nakumatt and MasterCard enable the bank to create opportunities for development and growth and to help people prosper.
“KCB is a regional Bank and therefore our customers across East Africa will enjoy more convenience and choice,” Joshua Oigara, the group CEO at KCB, said. “The Nakumatt Global Prepaid MasterCard is one such product and we are proud to have partnered in the process of bringing it to pass. This trend to embrace cashless transactions and interactions is a welcome platform that will accelerate innovation, enhance efficiency and create an excellent customer service experience across our regional network.”