[Kenya] Commercial Bank of Africa unveils first of its kind mobile based banking solution
Commercial Bank of Africa has announced the launch of a new digital banking solution based on a mobile app named Loop, making it the first of its kind in Kenya and in the region.
Tieto has developed and delivered the digital and mobile payment solution that allows easy card issuance for MasterCard. With this initiative Commercial Bank of Africa aims to serve 1 million currently unbanked Kenyans.
The concept of the Commercial Bank of Africa’s digital bank is unique as it focuses on high online availability in order to become more relevant to the younger clientele. This will help the company to serve unbanked Kenyans. It will also ensure the availability of all necessary transactions on a private smartphone, making appointments at a bank branch unnecessary.
“Commercial Bank of Africa has chosen Tieto as the provider of cards issuance and payments processing solutions for their extensive experience in payments solutions and proven reputation both in Kenya and internationally. We are seeking to serve 1 million unbanked Kenyans with this initiative and ensure seamless services online, in the palm of our customer’s hand. Tieto Card Suite platform guarantees the stability and reliability of the services we wish to provide”, said Eric Muriuki GM-New Business Ventures, Commercial Bank Of Africa.
The payment solution is developed by Tieto and allows instant card issuance for MasterCard. It also offers customers instant money transfers between accounts and easy transaction management.
“We can clearly see the transformation and digitalization of the Kenyan bank and payments sector have been picking up speed over the last years. Commercial Bank of Africa's initiative to serve the unbanked youth through a smartphone app is a bold innovation and a future-proof approach to banking and payments solutions. It was our pleasure to work alongside such an innovative partner that understands the need to put their customers first”, states Maris Ozolins, Head of Retail Payments and Cards at Tieto.
Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems. www.tieto.com/cards
Commercial Bank of Africa (CBA) is the largest privately owned Kenyan bank, whose primary focus Retail, Corporate and Institutional is banking. Our efforts and resources are channelled towards providing an efficient, personal and stress free banking experience to Retail, corporates, foreign missions, NGOs and the quality end of the personal banking market. The Bank is a member of the CBA Group of companies. Total assets: 221B as of June 30th, 2016.