DTB and Mastercard team to boost card payments for FinTechs in Kenya

By Gloria Methri

Diamond Trust Bank (DTB) has signed a strategic agreement with Mastercard to provide payment cards to tech-enabled companies including FinTechs in Kenya. The agreement, a first of its kind in the region, will enable tech companies to issue their own card propositions through DTB, using Mastercard’s technology.

DTB can now process and settle payments in a faster, more convenient, and regulated way as it works to increase its footprint in the region. The agreement will also improve the reach and ability of FinTechs, EduTechs, and HealthTechs to accept or make card payments securely and swiftly.

This partnership reiterates both Mastercard’s and DTB’s commitment to empowering digital service providers in Kenya with the much-needed solutions to scale and expand their businesses. The bank has also received approval from the Central Bank of Kenya to offer Cards-as-a-Service using their regulatory license to tech-enabled approved partners.

Speaking during the signing ceremony in Nairobi, Nasim Devji, Group Chief Executive Officer at DTB stated, “We are delighted to partner with Mastercard on this ground-breaking agreement. We have had a long and fruitful relationship with Mastercard and welcome this opportunity to support innovation in the financial sector. We believe that this partnership will not only enable us to enhance our service offering but also contribute to the development of a more inclusive and advanced digital payment ecosystem in East Africa.”

Mark Elliott, Division President for Sub-Saharan Africa at Mastercard said, “Our innovative approach has been based on establishing partnerships that can drive the expansion of digital and financial inclusion in Africa. Our long-standing partnership with DTB marks a significant step in our commitment to empowering digital service providers in the region with much-needed solutions to scale and grow their businesses.”

This is the latest partnership between DTB and Mastercard in East Africa with the bank exclusively issuing Mastercard payment cards in Kenya, Uganda, and Tanzania.