Interswitch, Credit Bank launch multi-currency prepaid card

A digital payment company, Interswitch, has partnered Kenya’s Credit Bank Plc to launch a multi-currency prepaid card.

The card is aimed at providing consumers with an excellent alternative banking card that allows for safe, secure and seamless electronic transactions, a statement from the payment company said on Monday.

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Romana Rajput, Country General Manager, Interswitch Kenya, stated at the launch that the partnership is a boost to Interswitch’s issuing business; adding that it is further proof of the company’s leadership position in the financial services industry on the continent.

“This is definitely a boost to Interswitch’s issuer-support and third-party processing business. We have been around for a while and we intend to keep entrenching digital payments in East Africa and across Africa as a whole. Now, customers will have access to the prepaid cards without necessarily having a bank account. The card can be funded through mobile money and it is widely accepted by merchants for payments and at the ATMs for withdrawals,” Rajput said.

Mr. Jack Ngare, Credit Bank Director, noted that the product is aimed at increasing financial freedom for the banked, unbanked and under-banked.