KCB Bank has teamed up with UK-based payments software company, Compass Plus Technologies, to enhance its multi-currency offering by introducing Kenya’s first platinum multi-currency prepaid card. This innovative product will provide customers with the flexibility and convenience to make payments and access funds across borders.
The card enables users to load and transact in 11 currencies: Kenyan Shilling, US Dollar, British Pound Sterling, Euro, Swiss Franc, Australian Dollar, Canadian Dollar, Indian Rupee, Japanese Yen, South African Rand, and Chinese Yuan – some of the most popular currencies among its customers. It also helps users avoid the typical exchange fees usually associated with currency conversion.
“The launch of this card marks a significant milestone in the strengthening of our long-standing partnership with Compass Plus Technologies. This collaboration once again brings together two leaders in the industry, combining our expertise and innovation with a shared commitment to provide exceptional financial solutions, aligning with our aspirations to be Kenya’s bank of choice,” said Angela Mwirigi, Director of Digital Financial Services at KCB Bank Kenya.
Once enrolled, cardholders will benefit from favourable exchange rates and reduced conversion costs, removing unexpected charges and simplifying global spending. The card’s ability to manage multiple currencies eliminates the need for separate currency accounts or physical cards, ensuring greater convenience and security for users.
“We are delighted to have worked with KCB Bank on this exciting new initiative,” said Adil Ahmed, Vice President & Deputy Managing Director for MEA at Compass Plus Technologies. “Throughout our longstanding partnership, KCB has consistently taken a forward-thinking approach to developing new card products that enhance the lives of their customers. This card not only improves the banking experience for KCB Bank customers but also sets a new industry benchmark for multi-currency prepaid cards in Africa.”
KCB Bank and Compass Plus Technologies have been collaborating since 2012 when the bank successfully consolidated its three separate systems into one flexible in-house processing centre to manage its issuing, ATM, and POS acquiring operations. Since then, the two organisations have continued to work together on various projects aimed at promoting financial inclusion in Kenya and expanding the bank’s presence across East Africa.
