MasterCard has announced the licensing of Guaranty Trust Bank (GTBank) to issue MasterCard debit, credit and prepaid cards in Kenya. The collaboration is expected to increase the adoption of electronic payments in the country, especially in the retail banking sector. Read the full press release.
GTBank’s recent entry into Kenya has seen it increase its portfolio from corporate banking to retail banking. The expansion of the bank’s footprint into East Africa is a significant move that will see the conversion of existing retail payment products to those offered by MasterCard.
James Wainaina, Vice President and Area Business Head, MasterCard East Africa said: “MasterCard’s vision for East Africa and the rest of Africa is a world beyond cash and we can only achieve this by working with industry partners that have a similar goal. As our nation moves towards being a cashless society, we are proud to work with GTBank as they move towards retail banking and further the adoption of electronic payment systems in Kenya’s fast-growing retail sector.”