The Co-operative Bank of Kenya has recently partnered with Visa to introduce a groundbreaking suite of business cards tailored for Medium and Small Enterprises (MSMEs), Cooperative Societies, and Corporate Institutions in Kenya.
Officially launched on December 10, 2024, these cards are poised to redefine financial management for businesses, offering greater efficiency and control in a rapidly digitizing economy.
The Co-operative Business Cards: A Game-Changer for Enterprises
The new suite includes three types of business cards:
- Debit Card
- Credit Card
- Pre-paid Business Card
These cards come with a host of features and benefits tailored to meet the unique needs of businesses in Kenya:
- Expense Management: The cards enable enterprises to separate business expenses from personal ones, ensuring greater clarity in financial operations.
- Payment Versatility: Businesses can use the cards both locally and internationally to make payments directly from their accounts.
- Interest-Free Credit: Provides businesses with a flexible option to manage cash flow challenges effectively.
- Digital Expense Tracking: Businesses can digitize and monitor their office and travel expenses, enhancing transparency and control.
- Global Discounts: Cardholders gain access to exclusive discounts from selected Visa merchants worldwide.
- Wide Accessibility: The cards are available to both Co-op Bank customers and non-customers and can be obtained at any Co-op Bank branch across the country.
A Milestone in Co-operative Bank’s Digital Transformation Journey
Speaking at the launch, Moses Gitau, the Acting Director of Retail Banking at Co-op Bank, highlighted the initiative as a major milestone in the bank’s ongoing digital transformation journey. He emphasized the bank’s commitment to innovation, citing the recent successful upgrade of their core banking system in 2023. This upgrade, which cost over KES 5 billion, positions Co-op Bank to deliver cutting-edge solutions that meet the evolving needs of businesses.
“This launch is a testament to Co-operative Bank’s dedication to combining banking excellence with advanced technology to drive innovation and support businesses in their digitization efforts,” Gitau noted.
Visa’s Commitment to Digital Transformation
Visa’s East Africa Vice President and General Manager reiterated the importance of this partnership in supporting Kenyan businesses. “Digital payments are not just convenient; they are a catalyst for business growth and economic development,” he remarked. “In today’s fast-paced digital world, businesses need to adapt to stay competitive, and digital payments play a crucial role in this transformation.”
Recognition for Excellence
The launch follows a series of accolades for Co-operative Bank. Notably, the bank received the prestigious CIO100 Award earlier this year. This recognition celebrates organizations that demonstrate exceptional innovation, leadership, and tangible contributions to digital transformation across Africa. Co-op Bank’s commitment to leveraging technology to enhance business operations and community development was a key factor in earning this award.
Conclusion
The launch of the Co-operative Business Cards is set to revolutionize how businesses in Kenya manage their finances. By integrating advanced financial tools with global payment capabilities, Co-op Bank and Visa are providing enterprises with the resources they need to thrive in an increasingly digital economy. This partnership not only highlights the potential of digital payments as a growth enabler but also reaffirms the importance of collaboration between banking and technology giants in shaping the future of business.
Businesses and entrepreneurs can access these cards at any Co-operative Bank branch nationwide, setting the stage for a new era of financial management and operational efficiency in Kenya.
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