Co-op Bank partner with Visa to revolutionalise mode of payment at a cost of Sh5billion
The Co-operative Bank of Kenya has partnered with Visa, in a project aimed at revolutionalising the mode of payment in the country.
Jointly, they have launched a Debit Card, a Credit Card and a Pre-Paid Business Card that allows clients to enjoy credit with no interest, among other benefits.
The payment solution is designed to transform how Medium and Small Business Enterprises, Cooperative Societies and Corporate Institutions in Kenya manage their expenses, empower employees and optimise financial control.
In his speech during the launch, Co-op Bank’s acting Director for Retail Banking Moses Gitau lauded the move as one of the tier one lenders’ milestones in its journey of digital transformation.
“This event marks a major milestone in Co-op bank’s digital transformation journey in which the bank has invested heavily including the successful upgrade of its core banking system in 2023 at a cost of over Sh5billion, to drive innovation and support businesses in their digitization efforts by bringing together the best in banking and technology.” Gitau noted.
With the cards, customers can separate business from personal expenses, make payments from their business accounts, access interest-free credit to manage cash flow, digitize and track office and travel expenses while enjoying business-centric discounts from selected Visa merchants globally.
On his part, Visa East Africa Vice President and General Manager Chad Pollock said that the milestone will be a game changer for Small and Medium Enterprises (SMEs) towards digital transformation.
“This launch marks a significant milestone in our partnership with Co-op bank and our ongoing efforts to support small and medium-sized enterprises (SMEs) and commercial enterprises in their journey towards digital transformation. Digital payments are not just convenient; they are a catalyst for business growth and economic development.” Pollock said.
In today’s fast-paced digital world, businesses need to adapt to stay competitive, and digital payments play a crucial role in this transformation” The cards, which can be used both locally and internationally, have been designed to transform how SMEs, Cooperative Societies and Corporate Institutions manage their expenses, empower employees and optimize financial control.
The cards are available to existing Co-op Bank customers and non-customers, and can be obtained from any Co-op Bank branch countrywide.
The cards, which can be used both locally and internationally, enable customers to separate business expenses from personal expenses, make payments directly from their business account, access interest-free credit to manage cash flow, digitize and track office and travel expenses while enjoying business-centric discounts from selected Visa merchants globally.
