KCB Bank Kenya has partnered with Mastercard, to introduce the country’s first multi-currency prepaid card, which accepts 11 foreign currencies for secure and faster international transactions.
This cutting-edge solution which was announced on Thursday, enables seamless spending across several locations.
11 currencies supported by the prepaid card
The card supports a wide variety of currencies including the U.S. dollar, British pound sterling, euro, Swiss franc, Australian dollar, Canadian dollar, Indian rupee, Japanese yen, South African rand, Chinese yuan, and Kenyan shilling.
The card is designed to accommodate the various needs of businesses, corporations, athletes, online consumers, and students.
By lowering exorbitant transaction fees and improving convenience for regular travellers and foreign spenders, it provides an affordable way to handle international transactions.
Angela Mwirigi, Director of Digital Financial Services at KCB Bank Kenya, said, “The launch of this card is a celebration of the strengthening of our long-standing partnership with Mastercard. 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.”
Benefits for cardholders
Cardholders will benefit from favourable exchange rates and lower conversion expenses after enrolling, which will remove unforeseen fees and streamline international spending.
Because the card can manage different currencies, it eliminates the need for physical cards or separate currency accounts, increasing security and ease.
Furthermore, cardholders will be able to load predetermined amounts using the prepaid option, which will help them better manage their spending.
This service is accessible to users via the website’s self-serve portal, offering a practical means of managing their prepaid balances and keeping tabs on their expenditures.
Additionally, automated currency conversion during purchases will be guaranteed by real-time exchange rates, streamlining transactions and removing the headache of managing several wallets or currency exchanges.
Read also: Mastercard opens new office in Accra, Ghana
Mastercard delighted to partner with KCB Bank
“We are delighted to collaborate with our key strategic partner, KCB Bank Kenya in launching the country’s first platinum multi-currency prepaid card offering the highest number of currencies— This is a historic milestone in redefining global commerce, said Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands, Mastercard
He continued, “This innovative solution simplifies cross-border transactions, enabling individuals and businesses to focus on what matters most. At Mastercard, we are committed to fostering cutting-edge, secure, flexible, and accessible payment ecosystems that drive global opportunity.”
This collaboration underscores KCB Bank Kenya’s commitment to delivering innovative, world-class financial solutions that provide convenience and flexibility in a dynamic global payments environment.