Home Tags Posts tagged with "Mastercard"
Tag:

Mastercard

Awards & RecognitionBanking

I&M Bank Unveils Milele Rewards Program in Partnership with Mastercard

by Kwabe Ben
written by Kwabe Ben

I&M Bank has taken its customer rewards to a new level with the launch of the Milele Rewards Program, an innovative loyalty program developed in collaboration with Mastercard after getting customers feedback on how they can be valued more.

This new offering builds on the success of the bank’s previous loyalty program, which for three years rewarded cardholders with cashback for using their debit and credit cards at Point-of-Sale (POS) terminals and in e-commerce transactions.

The name Milele, Swahili for “everlasting,” reflects I&M Bank’s commitment to nurturing long-term relationships with its customers. With the new program, the bank offers a unique value proposition: a 100% conversion rate of loyalty points into Kenya Shillings (1 Milele Point = 1 KES). Therefore, cardholders are set to now earn up to 2% cashback on their spending, with rewards increasing for higher-tier cards and spending levels.

A New Chapter in Customer Loyalty

Recognizing an opportunity to do more, I&M Bank partnered with ICC, a global leader in customer engagement solutions, to design a program that caters to diverse customer needs.

Unlike its previous cashback-only approach, Milele Rewards offers greater flexibility as it enables customers to redeem points for flights with over 1,650 airlines, hotel stays at thousands of properties worldwide, or vouchers usable at local partner merchants.

“At I&M Bank, we strive to enrich the lives of Kenyans with solutions that resonate with their everyday needs,” said Gul Khan, the bank’s CEO, at the launch in Nairobi. Additionally emphasizes that this program is more than just a loyalty initiative; it is our way of rewarding our customers for their trust and loyalty while delivering a lifestyle experience that truly adds value.

Milele Rewards Program

I&M Bank Kenya CEO Gul Khan(R) and Shehryar Ali(L) Mastercard, Senior Vice President and County Manager for East Africa and Indian Ocean Islands pose for a photo after the formal launch of the Milele Rewards held at one park avenue I&M, Nairobi County.

A move that places I&M Bank ahead of the rest in its space with consideration of customer feedback and continued transformation of their experiences as they are empowered more and assured of the value for their money.

Shehryar Ali, Senior Vice President and Country Manager for East Africa at Mastercard highlighted the importance of loyalty programs in today’s market. “Consumers and small businesses need flexible solutions that offer value. Through Milele Rewards, I&M cardholders enjoy unmatched benefits, making every transaction more rewarding,” he said.

Mr. Ali also revealed that this move places Kenya on the global map as similar rewards programs are being adopted in the Gulf and UAE regions which makes it timely and very significant. Pointing out that the Milele Rewards is 8 times higher than any other redeeming platform in the country.

Transparency and Value for Every Transaction

Based on the research by the I&M Bank, Kenyan consumers increasingly value transparency in their interactions with financial institutions, Milele Rewards addresses this by automatically enrolling cardholders into the program and rewarding every transaction with redeemable points.

Further allowing the customer to select how they can redeem their points be it in booking flights, reserving hotel suites, or claiming cashback, customers receive tangible benefits with each card swipe.

For I&M Bank, which boasts a legacy of over 50 years in Kenya, the launch of Milele Rewards represents a milestone as it reinvents itself continuedly in the constantly evolving space.  This move further solidifies its position as a leader in customer-centric banking and reflects its dedication to creating meaningful relationships with its clients.

As Stephanie Kome from I&M Bank aptly put it, “With every transaction, our customers gain value and that’s the essence of Milele Rewards to reward loyalty and enhance experiences in ways that truly matter.”

By collaborating with Mastercard and listening to its customers, I&M Bank has introduced a loyalty program that will not only meet customer expectations but also set new standards for banking rewards in Kenya and beyond.

0 comments 157 views
0 FacebookTwitterPinterestEmail
BankingBusinessNews

 EQUITY CHAMPIONS PRIVATE SECTOR FOCUS DURING HISTORIC US-KENYA STATE VISIT

by Jacky Muraba
written by Jacky Muraba

During President Dr. William Ruto’s recent historic visit to the United States, Equity Group Holdings played a key role in strengthening private sector collaboration between Kenya and the US. In Washington, DC, Equity organized a significant event at the US Senate Dirksen building, convening US Senators, House Members, leaders from various US agencies, and private sector representatives from Kenya and East Africa for an informal hearing on private sector opportunities on the continent, a panel discussion on why including the private sector was key to the success of the US-Kenya relationship, followed by a reception for 500 attendees.

Dr. James Mwangi, Equity Group Holdings MD and CEO while highlighting the significance of merging private and public sector efforts for sustainable growth, welcomed the gathering to the event by stating , “In this historic chamber, in this historic building, men and women have come together throughout time in memoriam to progress and advance lives and livelihoods for the betterment of all peoples, everywhere. Today we bring the power and the resources of the private sector, together with the influence of the public sector to create policy with the implementers of the global economy so that we may exponentially add to the sustainable growth and development for both our peoples and for the future of our families and our families’ families in both Africa and America.”

Honorable US Senators Cory Booker and Ben Cardin, along with Esteemed House of Representative Members, along with Congresswomen Sheila Cherfilus-McCormick and Barbara Lee emphasized on the need to support private sector economic and social partnerships for sustainable development and Kenya stepping up onto the global stage.

Senator Ben Cardin, whom Equity Group has been building a strong relationship with since the December 2022 US Africa Leaders’ Summit in support of the `Africa Recovery and Resilience Plan’ (ARRP) stated, “A strong private sector is vital to sustained economic growth, job creation, and resilience.”

While Senator Cory Booker, who had visited the Equity Group while in Kenya in April concurred with the comments of Dr. Mwangi during the roundtable discussion, particularly centered on changing the narrative about Africa. “I agree with your statement that Africa is a continent of endless possibilities, vast resources, and is holding solutions to all of humanity’s problems,” said the Senator.

Equity Group Managing Director and CEO, Dr. James Mwangi speaks to high-ranking U.S. congressional leaders, government officials, and leaders from the U.S. and Kenyan private sector during a roundtable discussion at Capitol Hill, hosted by Equity Group. The discussion which was held on the sidelines of the historic U.S – Kenya State Visit, sort to put forth strategies to inform U.S.-Africa trade legislation and advance public-private partnerships that achieve shared policy goals and prosperity. Dr. Mwangi spoke about the Africa Recovery and Resilience Plan and the pivotal role Kenya plays in Africa’s development

The roundtable panel discussion featured leaders from the US government agencies in charge of financial allocations to the continent as well as global and regional private sector leaders. Key participants included

  1. Dan Swift, Deputy Coordinator, Prosper Africa,
  2. Chidi Blyden, Deputy Chief Executive Officer (DCEO) of the Millennium Challenge Corporation (MCC),
  3. Danica R. Starks, Senior U.S. Commercial Liaison and Advisor to the U.S. Executive Director at the World Bank/MDB Lead at the U.S. Department of Commerce,
  4. Jane Rhee, Chief of Staff, U.S. International Development Finance Corporation (DFC), the development finance institution and agency of the United States federal government;
  5. the Honorable Chair and President of the US-EXIM Bank, Reta Jo Lewis, the official export credit agency of the United States federal government; and,
  6. Philana Mugyenyi, Director, Government Affairs and Market Access, Sub-Saharan Africa, GE Healthcare;
  7. Carole Kariuki, CEO, Kenya Private Sector Alliance (KEPSA);
  8. Deean Fontaine, Senior Director, Public Affairs and Regulatory, Africa, American Tower,
  9. As well as Dr. Mwangi.

Discussions highlighted the long-standing over 60 years US-Kenya relationship and framed future engagements through a private sector perspective.

Chidi Blyden, stated that, “Kenya’s Compact program is the biggest threshold program that MCC has ever done”; while Jane Rhee, clarified that, “DFC can now work with companies other than the U.S. companies on their investment projects.”

A special moment in the event came when Honorable Congresswoman, Sheila Cherfilus-McCormick made the announcement that she had introduced US House Resolution 1254, a resolution championed by Equity Group and inspired by the ARRP and the historical ties of the US-Kenya relationship, which recognized the importance of President Ruto’s State Visit in strengthening the partnership between the two countries.

While in Washington, DC, Dr. Mwangi and the Equity Group delegation took part in the US Chamber of Commerce Business Forum where Dr. Mwangi was featured in a panel focused on digital platforms for financial inclusion alongside Mastercard CEO, Michael Miebach and Microsoft President, Brad Smith and where it was announced that Equity Group would be one of five founding members of the inaugural Mastercard Community Pass, MADE Alliance – funded in part by the African Development Bank and championed by US Vice President Kamala Harris – alongside Microsoft Airband, Heifer International, Unconnected.org  and the Syngenta Foundation in order to support the scaling up of small scale farmers on the African continent to agribusiness, while using digital platforms to reach the last mile.

Equity Group signed agreements with HPE (Hewlett Packard Enterprises) and HPI (Hewlett Packard Inc.) for advanced technology acquisitions to acquire state of the art, advanced storage, cloud and hardware technologies to support their growth ambitions. Dr. Mwangi attended the White House welcoming ceremony and State Dinner for President Ruto. In Atlanta, the delegation visited Tyler Perry Studios, signed academic ties with Spelman University, and announced a partnership with the US Centers for Disease Control to support Kenya’s pharmaceutical industry.

Dr. Mwangi’s leadership extended to the Africa Climate Summit and the African Development Bank meetings in Nairobi, advocating for private sector voice into the climate action discussion during the September 2023 Africa Climate Summit in Nairobi where the Group led the creation of a Private Sector Declaration on Climate Action with partners; and the development of the private sector focused `Africa Recovery and Resilience Plan’ (ARRP) which the Group created and has been implementing for two years. Upon returning to Kenya, he presented the vision for a private sector-led future at the Kenya Private Sector Alliance’s (KEPSA) inaugural meeting.

0 comments 383 views
1 FacebookTwitterPinterestEmail
BusinessWomen in Business

Mastercard Champions for Gender Inclusion with DigitAll

by Kwabe Ben
written by Kwabe Ben

Mastercard and African Women in Fintech have taken on the greater initiative of championing equity
in gender at all levels. The initiative involves creating employment opportunities for women as well as
involving them in the formulation of the policies of day-to-day affairs.

Imelda Ngunzu, the Director of Enterprise Partnerships – Strategic Growth at Mastercard notes that, there
the main objective is that a journey toward equity and inclusion should never end.

“There is a need to play a role in designing a better world that has limitless possibilities for everyone,”
she added.

The initiative will be achieved through Mastercard’s department of Diversity, Equity, and Inclusion. One
of the focus areas of the department is gender balance, which not only addresses a commitment to
diversity and inclusion, but also has a single-minded focus on women because women everywhere still
face inequality and exclusion.

“Our ambition is to be the employer, brand, and partner of choice, for women. Our world is full of
brilliant possibilities, but they’re not always open to everyone. Too much of our world was designed
without women in mind – and without women involved. Even today, inequality and exclusion still hold
women back,” emphasized Imelda.

According to the African Tech Start-ups Funding report 2022, investment into the African tech start-up
ecosystem passed the US$3 billion mark for the first time in 2022, with more start-ups raising money,
from more investors.

The African Women in Fintech chairperson Topy further revealed that up to 33 percent of women in the
society has laxity when it comes to involving themselves in Fintechs and financial systems.

This she points out, is a challenge as women are not well informed. However, based on the sign-ups from
the fintech applications, up to 63 percent of the constant users are women despite the high registration
numbers being men.

The main challenges that keep several women outside cities from using the Fintech applications are the
access, and expenses of the data bundles that are essential for using the applications.

The adoption of both cheaper applications and lower data bundle usage can assist increase penetration and
usage passed urban areas.

A point was emphasized by the women in Fintech who got on to the panel discussion, highlighting that
96% of Kenyans have phones by age 15 among which 60% have smartphones. Even though Africa has
astoundingly performed well in the terms of gender parity when it comes to detailing startups and SMEs,
there’s 25% of women are likely to avoid the financial systems.

According to the discussions by the women in Fintechs and the banking system, there is a need to make
simple and easy to access the information essential for women to acquire support from the financial
systems. Through the reduction of this uncertainty, there will be an ability to boost the number of women
in Fintechs and the banking systems.

“We also know that people thrive when they feel they belong, their ideas are valued, and they are treated
fairly, and we recognize our responsibility to do well by doing good – and rise to achieve this in all that
we do,” Imelda added.

Elaborating that African women are a vital, yet underserved source of growth, prosperity, and innovation.
Their contributions drive commerce, communities, and society as a whole. For example, in Kenya,
women constitute about 52% of the country’s population, and about 30% of the registered businesses (so
far) are female-owned yet their financial inclusion remains lean.

Chairperson Topy Muga, of African Women in Fintech and Payments (AWFP) says, partnering with
various players like Mastercard are essential in advancing the journey of gender inclusivity. Since
Mastercard has set a goal of providing 25 million women entrepreneurs, with solutions that can help
they grow their businesses through a range of initiatives including funding, mentoring, and the
development of inclusive technologies; the vision is to create limitless possibilities for everyone and work
every day to move in the right direction, especially when ensuring that we design a better world for
women.

“We commit to reaching 5 million girls around the world by 2025 through our award-winning
Girls4Tech™ program. Our signature STEM education curriculum addresses the sharp drop-off in girls’
engagement in STEM subjects during the pre-high school and college years,” said Imelda Ngunzu.
Further highlighting some of the programs like Jaza Duka, a digital inclusive program launched in
partnership with Unilever and KCB Bank, enabling MSMEs to access affordable credit enabling them to
conduct their businesses with ease. The biggest buy-in for Jaza Duka comes from younger women
entrepreneurs which are 70% of the total buy-in.

That said, Mastercard working very closely with the fintech, we see a great opportunity for women to tap into
the fintech space. Let’s delve deeper into this:

Mastercard as a technology player is playing a central role as a technology in helping fintech to scale and
grow through partnerships with financial institutions. “We have recently partnered with DTB Bank to
launch a fintech-focused partnership, the first of its kind in East Africa, and is set to be a game changer in
the digital space. For women in Fintech, this is a valuable space to explore, and we are here to walk the
journey with you.” The organization said.

Fintech held the leading space in Kenya in terms of the number of funded ventures in 2022.
Kenya, Nigeria, South Africa, and Egypt remain Africa’s “big four” from a funding perspective. Kenya
remains one of the early start-up markets in Africa.

Fintechs play an important part in contributing to the adoption of digital technologies. In rural
communities, this has brought people and businesses into the formal economy, creating more
opportunities, and improving livelihoods.

We recognize the important role of fintech in financial inclusion (both individuals and merchants), in
driving digital transformation and growing digital banking solutions.

African Women in Fintech and Payments, and Mastercard are welcoming various players on board in
championing gender inclusion. Topy states that bringing various players on board is the best milestone as
it integrates all in a search for the same goal, which is, empowering the gender balance most needed.

0 comments 936 views
0 FacebookTwitterPinterestEmail
AfricaBusinessTechnology

Mastercard, DFC partner to enable digitization & financial inclusion in Africa

by Ndungu Brian
written by Ndungu Brian

International Development Finance Corporation (DFC) and Mastercard have announced a collaboration to increase support to financial institutions, agricultural and technology companies, and other businesses engaged with Mastercard’s Community Pass.

Mastercard’s Community Pass is a digital platform designed to address infrastructure challenges that arise in digitizing rural communities, such as unreliable connectivity, low smartphone ownership, and lack of consistent identification or credentials.

From this collaboration, DFC will support potential investments of up to $50 million in organizations within the Community Pass network presently in five countries in Africa — Kenya, Tanzania, Uganda, Mozambique, and Mauritania — and is also live in India.

“DFC places a priority on mobilizing private sector investment in building out digital infrastructure,” said DFC CEO Scott Nathan.

“DFC and Mastercard’s work in bolstering financial inclusion and improving access to digital tools will help make progress toward our shared goal of bridging the digital divide.”

Mastercard aims to reach 15 million Community Pass users in Africa, and 30 million users in total, by 2027.

By growing the network of financial institutions and service providers on the Community Pass platform, this collaboration will increase access to critical services in underserved communities, with the broader goal of building a more inclusive and sustainable digital economy for all.

“The Community Pass platform enables businesses, governments, and NGOs to service rural and frequently offline communities. For example, farmers can access quality seeds, fertilizers, and buyers, as well as payments and credit,” said Mastercard Executive Vice President of Humanitarian and Development Tara Nathan.

“Our partnership with DFC exemplifies how funding from the public sector, combined with technology and expertise from the private sector, can create a whole that is greater than the sum of its parts.”

Through Community Pass, service providers can expand access to essential services and reduce the cost of delivering them.

The platform helps enable digital transactions through innovative features and secure data platforms. Financial institutions and agtechs in Africa will use Community Pass to digitize agricultural value chains, enable access to credit, and create a bigger pool of buyers, helping smallholder farmers get paid more and faster.

Mastercard’s focus on building and scaling its Community Pass platform is just one example of the company’s commitment to advancing economic development and financial inclusion in Africa.

In collaboration with partners like DFC as well as other international organizations, governments, banks, fintechs, and more, Mastercard is working to connect to individuals at the base of the pyramid with digital tools, including millions of farmers in Africa who use Community Pass to access markets, grow their enterprises, and bolster their financial security.

0 comments 305 views
0 FacebookTwitterPinterestEmail
AfricaAwards & RecognitionNews

Mastercard Sets Guinness World Record For The Highest Altitude Game of Football On A Parabolic Flight

by Ndungu Brian
written by Ndungu Brian

Mastercard has set a GUINNESS WORLD RECORDS™ title for the ‘Highest Altitude Game of Football (Soccer) on a Parabolic Flight’ alongside football legend Luis Figo and a diverse team of football heroes from across the Middle East, Europe, and Latin America.

The first-of-its-kind football game was played at an altitude of 20,230 ft (6166.1 m) in zero gravity conditions, taking the game to a place where no match has gone before.

Through this campaign, Mastercard is celebrating the world’s love for football by taking fans’ passion for the beautiful game to unprecedented heights.

The out-of-this-world game between two four-player teams was played on 20 August 2022. Football legend Luis Figo was on board with seven other players selected to earn their place on the historic flight. The record was presented by an Official Adjudicator from GUINNESS WORLD RECORDS™ and verified by two witnesses as Figo effortlessly dribbled the ball across a 75-square meter football field specially set inside the aircraft.

Mastercard sets GUINNESS WORLD RECORDS for the ‘Highest Altitude Game of Football (Soccer) on a Parabolic Flight

Mastercard sets GUINNESS WORLD RECORDS for the ‘Highest Altitude Game of Football (Soccer) on a Parabolic Flight

“As a long-standing partner of the UEFA Champions League since 1994, Mastercard is committed to supporting the game at every level by connecting people to their passions and providing Priceless moments to fans across the globe. We are thrilled to have set a GUINNESS WORLD RECORDS™ title for the highest altitude game of football on a parabolic flight alongside legend Luís Figo and our seven everyday heroes,” said Beatrice Cornacchia, Senior Vice President, Marketing and Communications, EEMEA, Mastercard.

Luis Figo, a Mastercard ambassador, has been part of several Priceless surprises around the world, captivating audiences with his experiences as a top player. Figo, the 2000 Ballon d’Or recipient, played for some of Europe’s best clubs including Sporting CP, Barcelona, Real Madrid and Inter Milan, winning 127 caps for the Portugal national team.

“Football transcends boundaries and unites people around the world. I have played in stadiums where the electric atmosphere sparks emotions that cuts across cultures and nationalities; this was the exact same experience I had playing this beautiful game at 20,000 feet above the ground with a group of fearless football fanatics taking their passion for the sport to unprecedented heights,” remarked Figo.

“Football continues to be a sport enjoyed in every corner of the world. At Guinness World Records™, we meet people with different backgrounds every day. By declaring this new achievement Officially Amazing™, we hope it will contribute to bringing communities together through the shared love of the sport and the excitement of seeing incredible records being broken,” said Shaddy Gaad, Senior Marketing Manager – Guinness World Records™.

Mastercard sets GUINNESS WORLD RECORDS for the ‘Highest Altitude Game of Football (Soccer) on a Parabolic Flight

Mastercard sets GUINNESS WORLD RECORDS for the ‘Highest Altitude Game of Football (Soccer) on a Parabolic Flight

Mastercard has a rich history of connecting people to their passions, their enthusiasm for sport, and bringing them once-in-a-lifetime experiences.

During Expo 2020 Dubai, Mastercard hosted its Priceless Surprises series to connect guests to their passions at the global event. Among its hero activities, the company presented football enthusiasts with a unique opportunity to meet Luis Figo as well as a chance to see the UEFA Champions League Trophy, bringing football fans closer to the sports icon.

Mastercard partners with a range of organizations across sports, music, fashion, arts and entertainment around the world. Mastercard’s partnership with UEFA Champions League dates back to 1994 and the brand has been an active supporter of women’s football for more than 25 years.

 

0 comments 243 views
0 FacebookTwitterPinterestEmail
BusinessNews

Mastercard Expands Jaza Duka Micro-Credit Program with Kasha Partnership

by Ndungu Brian
written by Ndungu Brian

 Mastercard has today announced that Kasha, the purpose-driven digital retail and distribution platform has joined Jaza Duka.

The program was launched in partnership with Unilever and KCB Bank Kenya and has now expanded to include an additional 5000 Micro Small and Medium- Enterprises (MSMEs) through Kasha.

It aims at helping micro-entrepreneurs overcome cash constraints that limit their ability to buy and sell more products and ultimately grow their businesses.

 

The announcement builds on Mastercard’s pledge to bring 1 billion people and 50 million micro and small businesses into the digital economy by 2025, focusing directly on providing 25 million women entrepreneurs with the solutions they need to grow their businesses.

With over half its merchant members being women, Jaza Duka directly supports Kasha’s mission to ensure women in emerging markets get the products, information, and services they need for their health, self-care, and well-being.

 

As well as expanding to reach more MSMEs with Kasha, Jaza Duka has also evolved functionality to enable topmeup, a new overdraft-based sales service linked to a Mastercard debit card.

The topmeup overdraft is enabled through collaboration with Correlation, the fintech integrating the physical and financial value chains in Jaza Duka. Topmeup helps to further remove financial barriers for store owners, allowing them to leverage a pre-approved overdraft to increase capacity and expand the range of digital purchases.

 

“Mastercard understands that small business are the backbone of the economy, and we are long-standing supporters of MSMEs. We tailor our innovative solutions toward building a better and more equal world where everyone can reach their potential. We also believe in the power of partnerships, and this expansion of Jaza Duka with Kasha is one more way we continue to enable sustainable, inclusive growth that will not only benefit the new merchants but grow their communities,” said Shehryar Ali, Country Manager, East Africa.

 

Commenting on joining Jaza Duka, Joanna Bichsel, Kasha’s Founder and CEO said “Kasha and Mastercard have a shared commitment to empowering women to reach their full potential. Through Jaza Duka we are providing female entrepreneurs in emerging markets with the tools they need to grow their businesses and support their livelihoods, while also enabling people in lower-income communities to gain access to quality affordable health products and household goods. Kasha’s digital platform unlocks access to products, information and services; and now with our partnership with Mastercard, we can remove the lack of finance for MSMEs as a blocker as well. We are thrilled to be partnering with a purpose-driven corporation such as Mastercard.”

 

Luck Ochieng, Managing Director, Unilever Kenya said, “Jaza Duka continues to go from strength to strength, having now passed Ksh 1.2 billion transactions to support micro-merchants across Kenya run and grow their business. Over half of those merchants are women, fifty-four percent, and we see average monthly sales uplift of up to 20% for members. The Program continues to build on the strength of our relationships with our distribution network, freeing the retailers from the constraints of cash-based business and expanding their economic resilience.”

 

This is the next step in a journey Mastercard and Kasha have been on since Kasha joined Mastercard’s award-winning start-up engagement program, Startpath, in 2019. Mastercard has since invested in the eCommerce platform and the partners continue to join forces to empower women and micro-entrepreneurs across Africa.

0 comments 243 views
0 FacebookTwitterPinterestEmail
OKB price
5909.46 KES+1.8%