Kenyan Prime Bank has announced a partnership with Egyptian card-issuing company, MDP to roll out an all-new multi-currency prepaid card. The new card has a tap-and-go contactless capability as well as a chip and PIN security feature that enables customers to, manage, spend and send their money in different currencies.
This partnership came in line with the growing demand among consumers to transfer safe & cost-effective cross-border payment services. The Prime Prepaid Multicurrency Card is available in Kenya Shillings, US Dollar, GB Pounds, Euros and Indian Rupees.
Commenting on the launch, Prime Bank’s Chief Executive Officer, Rajeev Pant said the aim is to create a new card that will enable the bank’s customers to transact in both local and foreign currency, safely, securely, and seamlessly:
“We are delighted to be partnering with MDP, the leading payments powerhouse to launch our multicurrency card. MDP’s multi-currency card helped us build a unique offering for our customers, helping them conduct cross-border transactions with ease.”
Prime Bank is a 30-year-old privately owned Kenyan bank. Since its inception, the Bank has grown to become one of the leading commercial banks in the region with a network of 22 branches.
The Bank has developed its business interests in other African countries such as Malawi, Botswana, Mozambique, Zambia, and Zimbabwe. Recall that it acquired the Barclays Bank of Zimbabwe through its associate bank First Capital Bank.
“The new multi-currency card allows Prime Bank customers to perform their transactions in five different currencies, which are all linked to one card, thus offering a comprehensive banking solution & allowing our customers to access an enhanced banking experience. This launch complements the Bank’s strategy of continuously enhancing its core digital banking solutions”, Pant added.
The card is being powered by MDP, the leading card issuing and processing platform in the MEA region. It will enable cardholders to pay for goods and services in shops, restaurants, hotels, and online shopping, to withdraw cash from VISA ATMs anywhere around the world and for travel purposes.
MDP is headquartered in Cairo, Egypt with an extended footprint in more than 40 countries globally.
The company is well-positioned to power the innovative prepaid card experience. It has been in the market for more than 30 years and has been acknowledged for accelerating payment experiences through a tech-driven approach.
Chief Executive Officer, Ahmed Nafie explained that payment processing to digital payment solutions will play a key part in enabling bank customers with exceptional payment experiences.
According to him, MDP is always ready to embrace the global adoption of innovative, scalable & secure emerging fintech solutions; that provide seamless omni-channel customer experiences.
“We are very excited to be partnering with Prime Bank, and– we’re proud to extend MDP’s solutions to the Eastern African market & avail the all-new multicurrency prepaid card as a more convenient way for customers to spend & manage cash in a secured manner,” CEO, Nafie said.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!