Kenswitch has partnered with a local IT company to roll out chip and PIN debit cards to support banks migrate to the new secure platform. The move will hasten adoption of the more secured cards from the fraud-prone magnetic stripe cards currently in the Kenyan market.

“A lot has been put in place to ensure the ecosystem is ready to accept chip card transactions in terms of upgrading the ATM and POS hardware and software for driving these terminals. The card is local and cost effective targeting the local and regional market,” said Kenswitch managing director George Wainaina during the card launch held at Transnational Bank headquarters in Nairobi.

Speaking during the launch, Trendmak Chief Executive Officer, Geoffrey Manene said this will be the first local private label EMV chip card. “We assure our clients that the quality and security of its products are not compromised. In this regard we have carefully vetted and engaged credible international suppliers as partners” he added.  Transnational bank, the first institution to adopt the new cards, says the partnership emphasized the need of local financiers to support local enterprises.

“We do not need to look beyond Kenya for solutions when within our motherland lies the potential for even greater and more specialized solutions,” said its chief executive Sammy Lang’at during the launch. The new cards come at a prime time when banks are migrating to higher-security cards as a regulatory demand.
This has seen the banking industry experience technical challenges which have delayed the migration process to date. “The enhanced security features on the card will go a long way to ensure that card-related frauds become a story of the past. It is also an assurance for all our customers of the safety of their funds as they access their accounts through our various channels,” added Mr Lang’at.