Commercial Bank of Africa (CBA) has chosen Finnish-headquartered global Nordic software and services company, Tieto, as the provider of cards issuance and payments processing solutions for its phone-based service that targets millenials and tech-savvy customers.
The decision to pick Tieto was as a result of their extensive experience in payments solutions and proven reputation both in Kenya and internationally, the lender said.
The new service, Loop, was launched in Nairobi on Monday making it the first of its kind in Kenya and in the region that combines both banking and personal finance management services.
Tieto has developed and delivered the digital and mobile payment solution that allows easy card issuance for MasterCard. With this initiative, CBA aims to serve one million currently unbanked Kenyans under its “Unbank Yourself” model.
The concept of the CBA’s digital bank is unique as it focuses on high online availability in order to become more relevant to the younger clientele. This will help the company to serve unbanked Kenyans.
It will also ensure the availability of all necessary transactions on a private smartphone, making appointments at a bank branch unnecessary.
“Commercial Bank of Africa has chosen Tieto as the provider of cards issuance and payments processing solutions for their extensive experience in payments solutions and proven reputation both in Kenya and internationally. We are seeking to serve 1 million unbanked Kenyans with this initiative and ensure seamless services online, in the palm of our customer’s hand. Tieto Card Suite platform guarantees the stability and reliability of the services we wish to provide,” Eric Muriuki, GM-New Business Ventures, Commercial Bank Of Africa, said.
The payment solution is developed by Tieto and allows instant card issuance for MasterCard. It also offers customers instant money transfers between accounts and easy transaction management.
The cards will be collected at Loop Stores which will be established in various parts of the country. The stores, six of which have been established in Nairobi, are equipped with wi-fi and will also enable customers shares experiences among themselves and with financial boost in a plan aimed at assisting millenial entrepreneurs navigate the delicate business world.
“We can clearly see the transformation and digitalisation of the Kenyan bank and payments sector have been picking up speed over the last years. Commercial Bank of Africa’s initiative to serve the unbanked youth through a smartphone app is a bold innovation and a future-proof approach to banking and payments solutions. It was our pleasure to work alongside such an innovative partner that understands the need to put their customers first”, states Maris Ozolins, Head of Retail Payments and Cards at Tieto.
- Original piece sourced from Duco.