Shari'ah-compliant payment solution targets untapped banking market
Business
By
David Njaaga
| Dec 05, 2024
From left: Premier Bank Kenya Director Tengeri Osoro, CEO Osman Ahmed, Mastercard Division President Mark Elliott and SVP and Country Manager for East Africa Shehryar Ali during the launch of Shari'ah-compliant payment solution. [Standard, File]
A new Shari'ah-compliant payment solution targeting Kenya’s Islamic banking market has been unveiled.
The initiative is through a partnership between Premier Bank and Mastercard.
The collaboration, announced on Wednesday, December 4, introduces debit, credit and prepaid cards designed to expand financial inclusion and cater to the evolving needs of businesses and individuals.
Premier Bank CEO Osman Ahmed said the partnership reflects the bank’s commitment to providing financial services in line with Islamic principles.
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“The Premier Mastercard suite reflects our dedication to offering innovative financial solutions that meet our customers' needs. Together with Mastercard, we aim to redefine digital banking in Kenya,” said Ahmed.
The Premier Mastercard suite will feature contactless payments, global acceptance and enhanced security.
Customers will also benefit from travel insurance, shopping discounts at retailers such as Carrefour and dining offers through Uber Eats and KFC.
Shehryar Ali, Mastercard’s Senior Vice President for East Africa and Indian Ocean Islands, noted the collaboration strengthens financial inclusion in Kenya.
“This partnership supports our mission to provide secure, tailored financial services and contributes to Kenya’s ongoing digital transformation,” noted Ali.
To mark the launch, Premier Bank is offering special promotions, including cashback deals and discounts for customers who sign up for the new cards.
The cards provide access to Premier Bank ATMs and support online and in-store transactions.