Innovative digital business-to-business payment solution to be rolled out across other African markets following launch in Kenya and Tanzania
Nairobi, Kenya 11 October 2019: Diamond Trust Bank (DTB), the East African banking group, has joined African payment services provider DPO Group, and Mastercard, the global payments technology company, in the rollout of a business to business (B2B) virtual payment card in Kenya and Tanzania. The DPO Virtual Card will improve the reach and ability of businesses to make instant digital payments to other businesses in Africa and across the world without the need for a physical credit card, debit card or bank account, improving cash flow for firms and opening up African businesses to other markets.
Merchants of the DPO Virtual Card will receive a 16-digit card number, security code and expiry date and this acts like a digital account which can be used worldwide much like a physical card. The virtual card will enable secure, swift online payments to be made to any vendor both within and outside the DPO network, decreasing the risk of fraud and loss. The card has been piloted by travel and tourism operators who have used it to pay international suppliers and other vendors.
DTB is DPO’s sponsor bank which enables DPO to issue cards in partnership with Mastercard.
DTB’s Head of Products and Marketing, Farouk Khimji said, “At DTB, we believe in innovation and see it as a crucial pillar for businesses going forward. Already, more than 50 per cent of transactions at DTB are done outside the bank, and this is made possible because of the excellent IT infrastructure in this country. We are happy to be the sponsor bank for the DPO Virtual Card and look forward to the growth that this will bring to our business.”
Eran Feinstein, CEO of DPO Group commented, “This partnership between DPO Group, DTB Group and Mastercard is an exciting development not only for DPO Group but also for African businesses which will be able to transact swiftly and securely, reach new markets and grow with the virtual card. We’re delighted to be working together with DTB and Mastercard who share our drive to find innovative ways of improving the payments landscape enabling African businesses to flourish.”
The virtual card replaces the need for merchants to make wire transfers to international merchants, allowing them to avoid foreign currency conversion fees. As well as being a multiple use card, the DPO Virtual Card is also available as a one-time use card; creating a card number that is used only once and for a specific purpose, making the process secure, easy to track and reconcile.
Adam Jones, Area Business Head, East Africa, Mastercard added, “Mastercard is constantly partnering with key stakeholders to deliver relevant solutions that enable consumers and merchants to transact more efficiently and safely. This partnership with DTB and DPO will enable even more businesses of all sizes in Kenya and Tanzania to leverage Mastercard’s unique virtual card technology to make seamless transactions across borders removing several barriers to trade and enabling them efficiently track and reconcile all payments.”
DPO Group is in the process of securing partner banks, like DTB, in other countries across Africa, which will allow it to facilitate more virtual card payments, giving businesses in other African countries greater access to the global market.
About DPO Group
DPO Group is a leading African payment service provider (PSP) which has developed the technology to enable businesses and individuals across the continent to make payments online and offline with all currencies and payment methods, DPO Group currently works with over 100,000 merchants, including 50+ airlines, hotels, restaurants and travel agents all over Africa. The company was founded in 2006 and since then it has grown to be a pan-African PSP with more than 300 employees and a presence in 18 African countries. By providing its merchants with the capacity to make and accept payments effortlessly, DPO aims to support financial inclusion and economic development on the continent.
Diamond Trust Bank (DTB) is a leading regional bank listed on the Nairobi Securities Exchange (NSE). An affiliate of the Aga Khan Development Network (AKDN), DTB has operated in East Africa for more than 70 years.
DTB’s focus on the Small and Medium Enterprises sector and commitment to enhancing convenience for customers through branch network expansion has driven the Bank’s growth in recent years.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard 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 Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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