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.
