Diamond Trust Bank (DTB) and Mastercard have forged a partnership that lets DTB offer payment cards to tech-enabled companies, including fintechs in Kenya.
This agreement enables tech companies to issue their own card propositions through DTB, using Mastercard‘s technology.
DTB can process and settle payments faster, more conveniently, and cost-effectively, as it seeks to expand its footprint in the region. The agreement will also enhance the reach and ability of fintechs, edtechs, and health techs to accept or make card payments securely and quickly.
The Bank has also received approval from the Central Bank of Kenya to offer cards-as-a-service using its regulatory licence to tech-enabled approved partners.
Nasim Devji, group chief executive officer at DTB, expressed her delight in partnering with Mastercard. “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,” she said.
Mark Elliott, division president for Sub-Saharan Africa at Mastercard, also commented: “Our innovation 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.”
East Africa focus
This partnership is the latest between DTB and Mastercard in East Africa, with the bank exclusively issuing Mastercard payment cards in Kenya, Uganda, and Tanzania.
The partnership also supports the growth of digital solutions in the region, playing a critical role in increasing customer touchpoints with DTB and creating access to the various services offered through Mastercard.
Fintech startups in Africa grew 81 per cent in 2021, with South Africa, Nigeria, and Kenya emerging as key hubs on the continent, according to a Mastercard study on the state of fintech in African markets.