Paymentology, the global issuer-processor, has joined forces with Diamond Trust Bank, a tier-one East African commercial bank, in a move hoping to help drive financial inclusion in Kenya through the embedding of financial services, and deployment of Cards-as-a-Service (CaaS).
Paymentology and Diamond Trust Bank (DTB) will provide an aggregated card solution to fintechs and any other non-financial organisations in Kenya that want to embed a CaaS programme as part of their proposition in line with existing regulations.
Operating across Kenya, Tanzania, Uganda, and Burundi, DTB offers banking and insurance solutions to retail, SME, and corporate customers, and is committed to driving sustainable economic growth in the markets it serves.
Kirsten Wortmann, regional director for Africa at Paymentology, explained the motivation behind the partnership: “At Paymentology, we are committed to fostering financial inclusion through strategic partnerships like this one with Diamond Trust Bank.
“By enabling the embedding of financial services for both licensed and unlicensed entities, we are not only providing an expedited pathway for partners to activate their card propositions but also contributing to the region’s growth and sustainability.”
Paymentology leverages its technology and robust payment card solutions to empower clients in the creation, distribution, and management of cards.
Developing ‘a more inclusive digital payment ecosystem in East Africa’
DTB is a fully licensed issuing bank compliant with banking laws and regulations, and possesses a Card Association Issuer licence, enabling it to establish and sponsor BINs (Bank Identification Numbers) for card issuance.
As an increasing number of individuals rely on their preferred brands for seamless transactions, virtual cards emerge as the next logical step to enhance checkout experiences and foster loyalty through rewards programmes.
Jamie Loden, chief operating officer at DTB, also commented: “We are excited to collaborate with Paymentology, a leading and renowned processor in the market, to introduce our joint embedded finance proposition.
“We take pride in establishing the capability to create secure stores of value within a regulated framework and seamlessly integrate systems through simplified APIs. 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, which is aligned with our digital transformation strategy.”
The collaboration between Paymentology and DTB hopes to democratise the issuance of cards, enabling end users, whether consumers or businesses, to access tailored solutions such as cards for employee salaries, expense and travel cards, or traders’ cards for online purchases.
By providing cards to previously underserved populations, whether for running small businesses or gaining financial inclusion in the digital economy, embedded finance is opening doors and empowering individuals to achieve more.
The announcement comes with East Africa poised for robust economic growth, with forecasts indicating growth rates exceeding five per cent. Projections from the African Development Bank‘s 2023 East Africa Economic Outlook underscore confidence in the market’s buoyancy and resilience, despite global economic headwinds and regional challenges.
