Chase Bank and MasterCard Partner to Launch Prepaid Card for University Students
#MasterCard partners with @ChaseBankKenya to launch first ever student pre-paid card in Kenya http://bit.ly/YDkQkR #financialinclusion
The UNISCOO card will allow users to top up and shop at any MasterCard enabled physical or online merchant The Card is aimed at giving the user an easy way to manage funds that is both convenient and secure.
Speaking during the launch John Fernandes Assistant General Manager Chase Bank said: “The UNISCOO card is a unique and target specific card that is powered by MasterCard. It is a tool of empowerment and a key to the financial freedom that every young person should have.”
“The launch of the UNISCOO card is timely and very welcome as we work towards building a financially inclusive country. The population of 15 to 29 year olds in Kenya stands at about 26% of the population, therefore this step towards extending financial inclusion to the youth with a product that is tailored specifically to their needs is indeed a milestone for all of us, and is a sign that the financial sector continues to evolve in line with the needs of the market it serves,” said MasterCard’s vice president for East Africa and the Indian Ocean Islands, James Wainaina.
According to the Finscope Rwanda 2012 survey, financial exclusion in Kenya stands at 33%. This indicates an opportunity for financial institutions to extend financial inclusion to the youth who have previously been excluded from formal banking. The youth are now being offered an opportunity to be economically empowered and enjoy the benefits of electronic payments in ways that are congruent with their lifestyles and demands.
Topping up the card can be done at any Chase Bank Branch as well as through M-Pesa and Airtel Money at no additional cost. The card also acts as an ID card for all UNISCOO members giving it an edge above those in the market. With the UNISCOO Pre-paid MasterCard card students will have access to discounts at partner outlets such as Nakumatt Supermarkets, Text Book Centre, Bata Shoes, Imax Cinema, Ashley’s Salon and Barbershop, Modern Coast, Airtel, Bidco Oil Refineries, Tesia Supermarkets and Samsung. In addition to this, the card will act as a membership ID for all UNISCOO members and can also be used as an ATM card. The card will be available for purchase at Chase Bank Branches as well as the UNISCOO offices at the University of Nairobi.
Jed Ondiko, President, UNISCOO commented: “In the future, we have a great conviction that The UNISCOO MasterCard holders will earn smart points on purchases made at any of the 33million retailers & businesses across the 210 countries that accept MasterCard.”
He added that the UNISCOO MasterCard targets to assist the UNISCOO members in the student fraternity evolve in order to operate in a world beyond cash where strategic & intense financial planning is involved.
UNISCOO’s core premise is to unite the student fraternity and provide economic empowerment through internships, mentorships, entrepreneurship and social initiatives. Sales of the card will be a source of income generation for UNISCOO that enable them better provide the much needed leadership of their members.
About Chase Bank
Chase Bank (K) Ltd was incorporated in 1995. The Bank received awards for being the Fastest Growing Bank in Kenya in 2009 and 2010, as well as a special award for product innovation, at the Banking awards 2011 in recognition for their role in creating innovative products for the SME market.
Chase Bank (K) is a locally progressive bank with an Islamic window Chase Iman. This was launched in 2009 and is focused on the provision of Sharia Compliant financial solutions. Chase Bank places a keen focus on the SME and the provision of innovative products for this ever growing market. The Bank, modeled around relationship banking provides its customers with value added services like Bank Assurance, Bank Brokerage, and off shore investment opportunities through Winton Investments to improve their overall customer experience.
The University Students Community Organization (UNISCOO) is an organization formed by students as a platform for students’ empowerment. It is a core objective of carving out a niche for students’ interaction with the society, as the bastion of enlightenment; as the workers of the future; as the formers of the incoming society and to prepare them for leadership roles in that society. UNISCOO was formalized at the Register of Societies under Societies Act in March 2011 growing up to 25,000 members by October the same year. The organization is steered by a competent and qualified team led by the President, Deputy President, Secretary General and the Secretariat. The Secretariat is guided by a Constitution and advised by a Board of Advisors and Trustees. The organization has a strong financial management wing headed by the Finance Secretary who has prescribed minimum qualifications. It has a strong internal checks and evaluations system, the Internal Affairs Programme, headed by the Internal Affairs Secretary and the Deputy President who is in charge of administration affairs.
MasterCard(NYSE: MA), www.mastercard.com,is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
Lorraine Onduru Mary Githinji
Hill+Knowlton Strategies Chase Bank (K)
Tel: +254700502567 +254725632547