Kenya's DTB, Network partner on digital payments
Kenya
,
23 Jul 2024
Kenya's Diamond Trust Bank (DTB), which is listed on the Nairobi Securities Exchange, has inked a strategic agreement with Network International (Network) to provide a processing platform for card hosting and issuance in support of the bank's digitalization.
DTB, which has operated in East Africa for over 75 years with over 155 branches in Kenya, Uganda, Tanzania, and Burundi, says Network would increase its efforts in the phase of digital product development and expansion.
The deal with Network International would strengthen DTB's digital-first strategy in the Kenyan market, according to the bank.
It said: “Amidst surging interest in digital payment solutions across the country influenced by rising internet penetration and mobile phone usage, Network will enable DTB to benefit from advanced digital payment solutions, robust security protocols and a sophisticated API gateway.”
Through this partnership, Network will offer the bank a variety of payment products and services including debit, credit and prepaid card hosting and processing as well as e-commerce.
The bank will also have access to a host of value-added services such as card fraud prevention, 3D Secure authentication, and card control solutions.
Jamie Loden, chief operating officer at DTB, said: “Our partnership with Network International marks a significant milestone in our efforts to expand our capabilities and elevate our services in a rapidly evolving digital environment. It also complements our desire to facilitate the inclusion of more citizens in the formal financial system.”
For Dr. Reda Helal, group managing director – processing, Africa and co-head group processing at Network International, will collaborate with DTB in meeting the rising interest among the emerging middle class, youth and SME market segments, especially the unbanked, for services that support a digital lifestyle and enable financial inclusion.