Kenyan retail chain Nakumatt has launched its global prepaid MasterCard offering, in partnership with Kenya Commercial Bank and Diamond Trust Bank.

The prepaid card -- which is Europay, MasterCard and Visa (EMV) compliant -- replaces the current Nakumatt ‘Cybercash’ loyalty smart-card and provides a range of enhanced benefits and security features.

Nakumatt ‘Global Prepaid MasterCard’ cardholders are set to be able to earn smart points for purchases made with the card at any of over 35.9 million acceptance points, including 2.1 million ATMs, where MasterCard is accepted worldwide.

The card has a multi currency capability, which allows consumers to upload the prepaid card with worldwide currencies as Kenyan shillings, US dollars and South African rands.

As a result, cardholders can load money for purchases at Point of Sale (POS) terminals, make cash withdrawals and online purchases as well as save on the costs incurred in multi-currency transactions.

Nakumatt Holdings managing director, Atul Shah, has said that plans are underway to revamp the firm’s range of financial products and services.

Shah said the ongoing revamp project forms part of wider strategies to provide convenient retail financial solutions such as utility bill settlements, insurance products, cash-back, FOREX trade and money transfer services at Nakumatt tills.

“At Nakumatt, we have managed to integrate a most advanced payment gateway switch linking us with other financial service providers to facilitate the robust delivery of a number of financial services and products,” said Shah.

Shah added, “The transformation of the Nakumatt Smart Card to a Prepaid MasterCard card confirms our readiness to facilitate a general evolution of the local retail financial services, subject to regulatory approvals.”

The new card, powered by Diamond Trust Bank (DTB) and Kenya Commercial Bank (KCB), also features MasterCard contactless technology, which offers consumers a ‘tap and go’ option ideal for environments where speed and convenience matter most.

Although new to Kenya, contactless payment technology is touted as the answer to those seeking fast yet secure modes of payment, and is supported by multi-level security protection.

“Coming so soon after the recent tragedy (the Nairobi Westgate Mall shooting, this card is a true reflection of Nakumatt and our other partners’ resolve to triumph over adversity,” said Daniel Monehin, Division President, sub-Saharan Africa at MasterCard.

“The Nakumatt Global Prepaid MasterCard card is a great win for this market and a proof that MasterCard’s vision of a world beyond cash is not only possible but is actually happening. Today, 85% of the world’s transactions are still carried out in cash and cheque. In Kenya, this figure stands at over 98%, and we believe that the launch of this card will be a notable victory for the push for increased cashless transactions,” said Monehin.

The cards will be available from all Nakumatt outlets and also from selective branches of the partnering banks, beginning with Kenya before rolling out to Tanzania, Uganda and Rwanda where Nakumatt operates.