Kenswitch has partnered with Trendmak, a local IT company to
roll out chip-based payment cards to support banks migrate to the new
secure platform without incurring extra costs.
The
move will hasten adoption of the more secured cards from the
fraud-prone magnetic stripped cards currently in the Kenyan market.
“A
lot has been put in place to ensure the ecosystem is ready to accept
chip-based card transactions in terms of upgrading the ATM and PoS
hardware and software for driving these terminals. The card is local and
cost effective targeting the local market,” said Kenswitch managing
director George Wainaina during the card launch held at Transnational
Bank headquarters in Nairobi.
LOCAL SOLUTIONS
Trendmak,
a business and IT retail banking firm will provide the new cards which
its executive said was safe and secure and met global specifications.
Speaking
during the launch, Trendmak Chief Executive Officer, Geoffrey Manene
said this will be the first local private label EMVCO chip card. “We
assure our clients that the quality and security of its products are not
compromised. In this regard we have carefully vetted and engaged
credible international suppliers as partners” he added.
Transnational
bank, the first institution to adopt the new cards, says the
partnership emphasized the need of local financiers to support local
enterprises.
“We do not need to
look beyond Kenya for solutions when within our motherland lies the
potential for even greater and more specialized solutions,” said its
chief executive Sammy Lang’at during the launch.
The new cards come at a prime time when banks are migrating to higher-security cards as a regulatory demand.
This
has seen lenders battle with logistic and financial challenges
associated with Europay MasterCard Visa (EMV) certification, importation
and personalisation of the new compliant cards.
“The
enhanced security features on the card will go a long way to ensure
that card-related frauds become a story of the past. It is also an
assurance for all our customers of the safety of their funds as they
access their accounts through our various channels,” added Mr Lang’at.
The new cards can be used at all 1300 Kenswitch ATMs in 110 towns across the country.
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