Banking

Stanbic Kenya Foundation has teamed up with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to introduce the Women Employment for the Green Transformation (WE4D) program.

The initiative aims to empower 300 women-led small enterprises through specialized training and coaching, fostering business growth and resilience.

The WE4D program is designed to enhance business management skills and facilitate access to formal financial services, thereby driving business expansion and job creation.

Targeting sectors such as renewable energy, waste management, aquaculture, eco-tourism, sustainable agriculture, and greening sectors like logistics and construction, the program seeks to strengthen environmentally friendly practices.

Pauline Mbayah, Head of Stanbic Kenya Foundation, emphasized the role of women-led enterprises in driving inclusive growth and sustainability, stating, “We believe women-led enterprises are catalysts for inclusive economic growth and environmental sustainability. This program continues our commitment to equip local entrepreneurs with the skills and financial tools they need to thrive.”

Thomas Jaeschke, WE4D Programme Team Leader, highlighted the broader impact, “Investing in women entrepreneurs in the green space strengthens local economies and is essential for driving inclusive economic growth and unlocking the full potential of the green economy.”

Eligibility Criteria

To qualify, applicants must meet the following criteria:

• Operate in Homabay, Kisii, Kisumu, Nyamira, Kakamega, or Vihiga counties.
• Be women-led or owned.
• Have at least three years of operational history.
• Employ a minimum of five people.
• Generate annual revenues between KES 1–5 million.
• Engage in a qualifying green or greening sector.

Application Process

Eligible businesses are invited to submit applications via this link by the deadline of 30th April 2025.

Funding and Support

The program is funded by the Governments of Germany and Norway, implemented by GIZ, underscoring the international commitment to supporting women entrepreneurs in Kenya’s green economy.

This initiative not only supports economic growth but also aligns with global sustainability goals, making it a significant step toward a greener future.

Small and medium enterprises (SMEs) in Kenya are rapidly adopting digital payments, leveraging technology and strategic partnerships to fuel growth and build resilience, according to the third edition of the Mastercard SME Confidence Index.

A remarkable 91% of Kenyan SMEs have embraced digital payments, enhancing operational efficiency, improving customer experiences, and bolstering financial stability.

The digital transformation is reshaping SME operations, with a strong focus on secure payment solutions and financial inclusion to stay competitive in a dynamic market.

“Small and medium enterprises are the backbone of economies, driving innovation, employment, and resilience. As digital transformation accelerates, SMEs are unlocking new opportunities through digital payments and financial inclusion. Their ability to adapt and grow in a rapidly evolving business landscape reflects the strength of an ecosystem that prioritizes access to finance, digital enablement, and sustainable growth,” said Dimitrios Dosis, President for Eastern Europe, Middle East, and Africa at Mastercard.

Mark Elliott, Division President for Africa at Mastercard, added, “As SMEs in Kenya continue to embrace digital transformation, access to secure payments, financial services, and strategic partnerships remains key to the success of these businesses.

At Mastercard, we are committed to equipping businesses with the tools and solutions they need to grow, adapt, and thrive in an increasingly digital economy.”

Kenyan SMEs are increasingly recognizing the benefits of cashless transactions, which drive operational efficiency and financial stability. Business owners highlight reduced cash handling, smoother supplier payments, and faster transactions as key advantages of digital adoption.

Looking ahead, 97% of SMEs plan to offer seamless and user-friendly payment methods, while 95% aim to accept digital payments across multiple channels. Additionally, 70% are focused on ensuring secure payment processing, reflecting a growing emphasis on safe digital financial ecosystems.

While many SMEs anticipate maintaining or increasing their revenue, challenges such as rising costs of goods and services (71%) and inflation (68%) persist. To navigate these hurdles, over three-quarters of SMEs prioritize access to credit, with 40% seeking financing to expand their businesses and 21% aiming to maintain daily operations.

The emphasis on digital transactions has also heightened the focus on cybersecurity, with many businesses prioritizing digital security measures.

Furthermore, SMEs recognize the importance of private sector partnerships and government initiatives in providing greater financial access, viewing these collaborations as crucial for long-term success.

Despite facing challenges, 66% of Kenyan SMEs expect to achieve the same or higher revenue this year compared to last, demonstrating resilience and adaptability. To support their growth, SMEs identify key areas needing assistance, including digitizing their businesses to meet changing customer needs (95%), supporting and upskilling their teams (95%), and accessing a wider range of financial services (95%).

Through strategic collaborations, Mastercard is dedicated to supporting Kenyan SMEs in achieving their growth objectives. In September 2024, Mastercard partnered with Safaricom to enable 636,000 Kenyan merchants to accept digital payments globally via QR codes and NFC terminals, aiding in digitalization.

Additionally, the Mastercard Foundation Fund for Resilience and Prosperity, announced in April 2024, is a $126 million grant program targeting Kenyan agribusinesses and digital economy SMEs, offering funding alongside technical assistance.

KCB Bank Kenya has partnered with Mastercard to launch Kenya’s only multi-currency prepaid card that supports 11 hard currencies.

This innovative solution is designed to simplify international transactions for customers by enabling seamless spending across various destinations.

The card supports an extensive range of currencies including the Kenyan Shilling, US Dollar, British Pound Sterling, Euro, Swiss Franc, Australian Dollar, Canadian Dollar, Indian Rupee, Japanese Yen, South African Rand, and Chinese Yuan.

The card is tailored to meet the diverse needs of students, athletes, online shoppers, businesses, and corporates. It offers a cost-effective method for managing international transactions by reducing high transaction fees and enhancing convenience for frequent travelers and global spenders.

Angela Mwirigi, Director Digital Financial Services KCB Bank Kenya noted that the collaboration brings together two leaders in the industry, merging their expertise, innovation, and shared goal to provide exceptional financial solutions living up to our aspirations of being the bank of choice in Kenya.

Once enrolled, cardholders will enjoy favorable exchange rates and reduced conversion costs that eliminate unexpected charges and simplify global spending. The card’s ability to handle multiple currencies removes the need for separate currency accounts or physical cards, ensuring greater convenience and security.

Additionally, the prepaid feature will allow cardholders to load specific amounts, promoting better control over spending. Users can access this feature through the self-serve portal available on the website, providing a convenient way to manage their prepaid balances and monitor their spending.

Real-time exchange rates will also ensure automatic currency conversion during purchases, simplifying transactions and eliminating the hassle of currency exchanges or managing multiple wallets.

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, said that the innovative solution simplifies cross-border transactions, enabling individuals and businesses to focus on what matters most.

At Mastercard, we are committed to fostering cutting-edge, secure, flexible, and accessible payment ecosystems that drive global opportunity.

This collaboration underscores KCB Bank Kenya’s commitment to delivering innovative, world-class financial solutions that provide convenience and flexibility in a dynamic global payments environment.

Stanbic Bank, in partnership with Mastercard, has today launched the first two metallic World Elite credit cards in the East African market, aimed at the bank’s affluent trend across the region.

As digital payment solutions continue to make a significant share of transactions, financial institutions are being encouraged to seek ways to enhance their product offering to customers.

According to Stanbic Bank, this is a response to customers’ need for a tailored solution and superior experiences. The cards tie into the bank’s affluent banking proposition, which aims to deliver innovative, exclusive and customer-centred banking solutions and services.

In his keynote address, Abraham Ongenge, the head of personal and private banking, emphasized on customers’ satisfaction, their superior experiences and premium benefits. Therefore, the lender will peg the new offering success to the shift towards an experiential lifestyle for every client.

We pride ourselves on being a bank that connects clients with a suite of premium benefits, rewards and exclusive solutions. We will continue to design and introduce solutions that will make it easier for our customers to transact, live, work and travel.

Subsequently, the bank ensures that future payments of the world will be defined by the market and the age demographics. Further with time, clients will get to enjoy a seamless experience, as well as cost savings, that is built into the card experience. Clients will get access to the two cards, namely;

• Stanbic World Card: This premium card offers access to unique global experiences, including VIP airport lounges, luxury car rental services and exclusive reward programs.

• Stanbic World Elite Card: Being the first metallic credit card to be launched in East Africa, affluent clients will get to enjoy enhanced spending limits and a host of lifestyle privileges such as premium events, exclusive dining offers and curated travel itineraries.

Mastercard and Diamond Trust Bank (DTB) have partnered in a 10-year partnership aimed at revolutionizing digital payment solutions across Kenya, Uganda, and Tanzania.

The alliance is set to enhance both individual and business banking experiences, paving the way for a new era of financial empowerment in the region.

With a focus on innovation, security, and convenience, the collaboration will introduce a suite of tailored payment offerings, including custom card products and sophisticated transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions.

Among the key innovations is the launch of Kenya’s first tokenization-based payment wearables, developed in collaboration with Tappy Technologies. These cutting-edge devices will empower consumers to make secure, contactless payments with a simple tap at any enabled point-of-sale terminal, transforming everyday accessories into powerful payment tools.

“Our collaboration with Diamond Trust Bank and Tappy Technologies marks a significant leap forward in our commitment to digital transformation and financial inclusion in East Africa,” expressed Mark Elliott, Division President for Africa at Mastercard.

“By fusing our digital payment expertise with DTB’s established market presence, we are setting a new standard for secure and convenient payment methods.”

Nasim Devji, Group CEO of DTB, echoed this sentiment: “Partnering with Mastercard will accelerate our digital journey and enable us to deliver innovative financial solutions for our retail, SME, corporate, and fintech clients.”

This partnership is a clear reflection of both Mastercard and DTB’s unwavering dedication to driving inclusive growth and innovation in Africa’s dynamic payment landscape. By introducing secure, tokenized payment wearables alongside comprehensive cross-border solutions, the duo is positioning itself at the forefront of the region’s digital revolution.

As highlighted by Mastercard data, a growing number of point-of-sale terminals in the Middle East and Africa region are becoming NFC-enabled, underscoring the rising demand for quick, secure payment alternatives.

The outcomes of this collaboration promise to elevate the entire financial ecosystem—enhancing consumer convenience and security, expediting checkout processes, and boosting transaction volumes for financial institutions via Mastercard’s ‘Top of Wallet’ strategy while enabling fintechs to scale effectively through innovative digital solutions like wearables.

Absa has launched the Absa Kenya Foundation (AKF) an impact investment vehicle for the lender that will promote its positive impact and beneficial effect within its community.

The Bank will spend at least half a billion shillings in capital investment as a seed fund towards revolutionary projects. This is on top of the 150 billion already invested in their advanced finance initiatives.

Speaking at the launch, Prime Cabinet Secretary Musalia Mudavadi emphasized on private sector to contribute in supporting government initiatives by supplying capital to entrepreneurs who create sustainable opportunities.

The foundation will focus on four strategic pillars namely; entrepreneurship, education, natural resources management and health and humanitarian relief putting on emphasis on the bank’s pivotal role in promoting a long-term collaborative value.

As entrepreneurs inquired on acquiring guidance, support and networks to thrive in their business, the Managing Director, Abdi Mohammed, assured that the foundation will empower communities with the knowledge, skills and resources to create a positive scalable impact.

NMB Bank Pl in partnership with Mastercard has unveiled Tanzania’s inaugural QR Pay by Link (QR PBL) payment solution, marking a pivotal step in the nation’s digital transformation journey.

The payment solution allows small and medium-sized enterprises (SMEs) to accept card payments through QR codes or secure links, streamlining payment acceptance without the need for physical point-of-sale (POS) devices.

The launch represents Africa’s first in-store QR PBL utilizing Mastercard’s Click 2 Pay feature, which facilitates fast, secure, and password-free transactions for consumers.

Designed to cater to the rising demand for user-friendly and secure digital payments, the solution significantly enhances the feasibility for SMEs to integrate digital payment options cost-effectively.

Through QR code scanning, consumers are directed to a secure payment link on their smartphones, doing away with costly payment terminals. This innovation empowers Tanzanian businesses by providing a more accessible payment system that aligns with the unique needs of both merchants and customers.

Ruth Zaipuna, Chief Executive Officer of NMB Bank, stated that the solution is a game-changer for businesses of all sizes.

“With a simple link, we have made payments easier, safer, and faster for everyone, allowing businesses to concentrate on their core operations while offering customers seamless payment options.”

Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard, added: “This launch highlights our commitment to promoting financial inclusion and digital transformation in Tanzania. We are excited to partner with NMB Bank to introduce this advanced digital solution, which enables merchants to offer secure, touchless payments without needing expensive terminals.”

With an estimated 3 million small businesses employing over 5 million people in Tanzania, this solution holds transformative potential across various sectors including hospitality, retail, food services, transportation, and tourism. From local markets and restaurants to taxi services and boda boda drivers, businesses throughout Zanzibar and greater Tanzania can now deliver fast, secure payment options directly via smartphones.

The QR PBL solution enhances payment security and convenience, ensuring that SMEs can engage with the digital economy at minimal cost. It supports card acceptance for Mastercard and other payment schemes, including UPI, providing merchants with diverse payment choices for consumers. The implementation of QR codes will extend payment capabilities to merchants who previously faced barriers due to high costs or inadequate infrastructure.

As part of Mastercard’s global initiative to connect 1 billion people and 50 million micro and small merchants to the digital economy by 2025, the QR PBL solution encapsulates a commitment to fostering inclusive growth and fueling economic development across Tanzania and beyond.

NCBA has today acquired two hybrid electric vehicles (HEVs) from CFAO Mobility Kenya, furthering its commitment to environmental responsibility under its “Change the Story” initiative.

This transition represents NCBA’s leadership in green innovation and its continued effort to foster a sustainable future for its organisation and the communities it serves.

These vehicles combine the functionality of an electric motor and a gasoline engine, ensuring optimised performance while reducing environmental impact.

“We are excited to take this significant step towards achieving our sustainability goals. Our commitment to reducing direct emissions and adopting green technologies underscores our dedication to creating positive environmental change,” said Mr Isaac Owila, NCBA’s Ag. Group Director technology and operations.

“By setting an example in the adoption of sustainable practices, we not only meet our operational objectives but also enhance our brand reputation.”

NCBA’s sustainability efforts extend beyond environmental impact to include community engagement and employee morale.

The Bank has pledged to mobilise KES 30 billion for green and sustainable financing by 2030, aimed at supporting eco-friendly projects and fostering positive environmental and social outcomes. Additionally, it is also focused on growing 10 million trees by 2030, contributing to reforestation and combating climate change.

CFAO Mobility Kenya Managing Director Mr Arvinder Reel said, “We are excited to support NCBA Bank in achieving its sustainability goals.

Through the latest development, we are contributing to a greener future and aligning with our shared vision of reducing carbon emissions and promoting eco-friendly transport options across Kenya.

This partnership is a testament to our commitment to environmental responsibility and driving innovation in the automotive sector.”