MasterCard, Equity Bank to Introduce PayPass Enabled Debit and Prepaid Cards in Five African Markets
MasterCard (NYSE: MA) and Equity Bank of Kenya today announced an agreement at a
signing ceremony in Nairobi to issue five-million MasterCard-branded
debit and prepaid cards, over the next 18 months. This program empowers
African consumers to use electronic payments which provide a safe and
secure way to pay versus cash and other forms of payment.
As a result of the partnership, MasterCard debit and prepaid cards with
chip-enabled technology will be issued, first into the Kenyan market and
then extended into Uganda, Tanzania, Rwanda, and South Sudan, signaling
the largest rollout of EMV payment cards in sub-Saharan Africa to date.
The cards will also introduce MasterCard® PayPass™ with
the first ever installation of PayPass enabled point of sale