MasterCard announced a new partnership with Paynet, East Africa’s largest card processor, that aims to push local migration from magnetic stripe to EMV solutions. The initiative is dubbed, “The Great Migration to EMV Chip,” and will include participation from different stakeholders across Kenya’s banking system and payments technology companies.
Paynet is already working to train banking staff about the advantages of Chip & PIN technology before the March 2014 deadline (mandated by the Kenya Banker’s Association) for EMV migration hits.
“Kenya has recorded impressive growth in card usage in the last two years, with the value of card transactions rising over 74 percent to one trillion shillings between January and December 2012 alone,” said James Wainaina, Vice President and Area Business Head for MasterCard in East Africa. “But while we celebrate these gains, we also recognise that to maintain our momentum we must do everything within our power to put in place measures that make it impossible for fraudsters to operate, and to constantly assure our customers that their card transactions are safe.”