Transnational Bank is the first institution to adopt new and secure EMVCO chip cards in partnership with Kenswitch and Trendmak, a local IT company. The roll out of chip-based payment cards is meant to support banks to migrate to the new secure platform without incurring extra costs.
The move will hasten adoption of the more secured cards from the fraud-prone magnetic stripped cards currently in the Kenyan market.
“A lot has been put in place to ensure the ecosystem is ready to accept chip-based card transactions in terms of upgrading the ATM and PoS hardware and software for driving these terminals. The card is local and cost effective targeting the local market,” said Kenswitch managing director George Wainaina during the card launch held at Transnational Bank headquarters in Nairobi.
Trendmak, a business and IT retail banking firm will provide the new cards which its executive said was safe and secure and met global specifications.
Speaking during the launch, Trendmak Chief Executive Officer, Geoffrey Manene said this will be the first local private label EMVCO chip card. “We assure our clients that the quality and security of its products are not compromised. In this regard we have carefully vetted and engaged credible international suppliers as partners” he added.
Transnational bank, the first institution to adopt the new cards, says the partnership emphasized the need of local financiers to support local enterprises.
“We do not need to look beyond Kenya for solutions when within our motherland lies the potential for even greater and more specialized solutions,” said its chief executive Sammy Lang’at during the launch.
The new cards come at a prime time when banks are migrating to higher-security cards as a regulatory demand.
This has seen lenders battle with logistic and financial challenges associated with Europay MasterCard Visa (EMV) certification, importation and personalisation of the new compliant cards.
“The enhanced security features on the card will go a long way to ensure that card-related frauds become a story of the past. It is also an assurance for all our customers of the safety of their funds as they access their accounts through our various channels,” added Mr Lang’at.
The new cards can be used at all 1300 Kenswitch ATMs in 110 towns across the country.