Diamond Trust Bank (DTB) and global technology company Mastercard today announced a strategic agreement that will enable the bank to provide payment cards to technology companies, including fintechs in Kenya. The agreement, a first of its kind in the region, allows tech companies to issue their own card proposals through DTB, using Mastercard’s technology.
The agreement enables DTB to process and settle payments in a faster, more convenient, cost-effective and regulated manner as it works to increase its footprint in the region. The agreement will also improve the reach and ability of fintechs, edu techs and health techs to accept or make card payments securely and quickly.
This partnership reiterates the commitment of both Mastercard and DTB to provide digital service providers in the region with much-needed solutions to scale and expand their businesses. In line with the strategic goals of both companies, the commitment is to drive financial inclusion and partner with new and emerging players to digitize payments in East Africa.
The bank has also received approval from the Central Bank of Kenya to offer Cards-as-a-Service using their legal license to technically supported approved partners.
Nasim Devji, Group Chief Executive Officer at DTB, said at the signing ceremony in Nairobi: “We are delighted to be working with Mastercard on this groundbreaking agreement. We have a long and fruitful relationship with Mastercard and welcome this opportunity to support innovation in the financial industry. We believe this partnership will not only enable us to enhance our service offerings, but will also contribute to the development of a more inclusive and sophisticated digital payments ecosystem in East Africa.”
(L-R) Jamie Loden, Chief Operating Officer at Diamond Trust Bank (DTB); Nasim Devji, Group CEO and Managing Director at Diamond Trust Bank (DTB); Mark Elliott, Division President for Sub-Saharan Africa at Mastercard and Shehryar Ali, Country Manager for East Africa at Mastercard, at the signing ceremony in Nairobi.
Devji said that as digital transformation is a key pillar of the bank’s growth strategy, the partnership is aligned to drive DTB’s positioning as the fintech partner of choice across Africa. As one of the pioneers in the fintech space, Mastercard is excited to empower today’s emerging innovators to deliver breakthrough solutions through these types of programs and partnerships.
Mastercard’s technology is fully equipped to enable its partners to launch innovative and relevant solutions that will create a strong value proposition for all customers. The commitment to financial inclusion means the company is actively leveraging the latest technology to simplify transactions, in line with its focus on localizing its solutions to meet specific market needs.
“Mastercard has a digital-first approach, enabling us to provide innovative and secure solutions that benefit fintech companies and consumers alike. Our innovation approach is based on building partnerships that can drive the expansion of digital and financial inclusion in Africa. Our longstanding partnership with DTB marks an important step in our commitment to providing digital service providers in the region with much-needed solutions to scale and grow their businesses,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.
DTB’s partnership with Mastercard reinforces the bank’s position as a leader in the banking sector in East Africa and demonstrates its commitment to providing innovative solutions that meet the changing needs of its customers.
This groundbreaking agreement is the latest partnership between DTB and Mastercard in East Africa, with the bank exclusively issuing Mastercard debit cards in Kenya, Uganda and Tanzania. The partnership supports the growth of digital solutions in the region and plays a vital role in increasing customer touchpoints with DTB and creating access to the various services offered through Mastercard.