Global issuer-processor, Paymentology, has agreed a strategic partnership with Diamond Trust Bank. The partnership aims to drive financial inclusion in Kenya through the embedding of financial services, and deployment of Cards-as-a-Service (CaaS), for both licensed and unlicensed entities. The bank operates across Kenya, Tanzania, Uganda, and Burundi. It provides banking and insurance solutions to retail, SME, and corporate customers. In addition, Diamond Trust highlights its commitment to driving sustainable economic growth in the markets it serves.
By combining Paymentology’s technology next-generation platform with DTB’s extensive market presence and regulatory compliance, the two organisations are providing an aggregated card solution to fintechs and any other non-financial organisations that are looking to embed a CaaS programme as part of their proposition in line with regulatory framework.
Paymentology, leverages its technology and robust payment card solutions to empower clients in the creation, distribution, and management of cards. Meantime, DTB, holds a Card Association Issuer license, enabling it to establish and sponsor BINs (Bank Identification Numbers) for card issuance.
Collaboration boosts development of a more inclusive and advanced digital payment ecosystem
Jamie Loden, Chief Operating Officer at DTB said: “We are excited to collaborate with Paymentology, a leading and renowned processor in the market, to introduce our joint embedded finance proposition. We take pride in establishing the capability to create secure stores of value within a regulated framework and seamlessly integrate systems through simplified APIs. This partnership will not only enable us to enhance our service offering. It will also contribute to the development of a more inclusive and advanced digital payment ecosystem in East Africa, which is aligned with our digital transformation strategy”.
Kirsten Wortmann, Regional Director for Africa at Paymentology added: “At Paymentology, we are committed to fostering financial inclusion through strategic partnerships like this one with Diamond Trust Bank. By enabling the embedding of financial services for both licensed and unlicensed entities, we are not only providing an expedited pathway for partners to activate their card propositions but also contributing to the region’s growth and sustainability.”
“Paymentology and Diamond Trust Bank partner, driving embedded finance in Kenya” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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