Paymentology, the worldwide issuer-processor, has joined forces with Diamond Belief Financial institution, a tier-one East African business financial institution, in a transfer hoping to assist drive monetary inclusion in Kenya by means of the embedding of monetary companies, and deployment of Playing cards-as-a-Service (CaaS).
Paymentology and Diamond Belief Financial institution (DTB) will present an aggregated card resolution to fintechs and another non-financial organisations in Kenya that wish to embed a CaaS programme as a part of their proposition in keeping with current laws.
Working throughout Kenya, Tanzania, Uganda, and Burundi, DTB provides banking and insurance coverage options to retail, SME, and company prospects, and is dedicated to driving sustainable financial development within the markets it serves.
Kirsten Wortmann, regional director for Africa at Paymentology, defined the motivation behind the partnership: “At Paymentology, we’re dedicated to fostering monetary inclusion by means of strategic partnerships like this one with Diamond Belief Financial institution.
“By enabling the embedding of monetary companies for each licensed and unlicensed entities, we’re not solely offering an expedited pathway for companions to activate their card propositions but additionally contributing to the area’s development and sustainability.”
Paymentology leverages its expertise and strong cost card options to empower purchasers within the creation, distribution, and administration of playing cards.
Growing ‘a extra inclusive digital cost ecosystem in East Africa’
DTB is a totally licensed issuing financial institution compliant with banking legal guidelines and laws, and possesses a Card Affiliation Issuer licence, enabling it to ascertain and sponsor BINs (Financial institution Identification Numbers) for card issuance.
As an rising variety of people depend on their most well-liked manufacturers for seamless transactions, digital playing cards emerge as the subsequent logical step to boost checkout experiences and foster loyalty by means of rewards programmes.
Jamie Loden, chief working officer at DTB, additionally commented: “We’re excited to collaborate with Paymentology, a number one and famend processor out there, to introduce our joint embedded finance proposition.
“We take pleasure in establishing the aptitude to create safe shops of worth inside a regulated framework and seamlessly combine techniques by means of simplified APIs. This partnership won’t solely allow us to boost our service providing, but additionally contribute to the event of a extra inclusive and superior digital cost ecosystem in East Africa, which is aligned with our digital transformation technique.”
The collaboration between Paymentology and DTB hopes to democratise the issuance of playing cards, enabling finish customers, whether or not customers or companies, to entry tailor-made options equivalent to playing cards for worker salaries, expense and journey playing cards, or merchants’ playing cards for on-line purchases.
By offering playing cards to beforehand underserved populations, whether or not for working small companies or gaining monetary inclusion within the digital economic system, embedded finance is opening doorways and empowering people to realize extra.
The announcement comes with East Africa poised for strong financial development, with forecasts indicating development charges exceeding 5 per cent. Projections from the African Growth Financial institution‘s 2023 East Africa Financial Outlook underscore confidence out there’s buoyancy and resilience, regardless of world financial headwinds and regional challenges.
