Kenya's Family Bank has signed several contracts with regional card processor and payments services provider, Paynet Group. The announcement was made by the two companies at a Nairobi hotel and follows Paynet's upgrade of its card issuing and processing platform.
The agreements cover Visa EMV chip card-issuing services and connection to the PesaPoint network — the nation's third-largest ATM network. Connection to PesaPoint will bring the bank's own ATMs to the network and enable China Union Pay, MasterCard, M-PESA and Visa acquiring, said an article by Standard Media.
"This makes Family Bank the first customer for our EMV Chip card issuing facility, which we are offering as a result of the recent investment in our card processing platform," said Bernard Matthewman, Paynet Group CEO, during the program launch at a Nairobi hotel.
The major card companies have been pushing East African FIs to migrate from magnetic stripe to EMV chip and PIN cards to increase transaction security, the article said. A rise in fraud has reduced consumer confidence in bankcards as payment instruments.
"Taking the lead with EMV Chip and PIN based transaction authorization will go a long way in boosting the confidence of our cardholders by offering a more secure environment for card payments," said Family Bank CEO, Peter Munyiri.
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