Financial technology is transforming how people and businesses access financial services in East Africa. Paymentology, a global leader in card processing, and Diamond Trust Bank (DTB), a tier-one bank in the region, have joined forces to drive this change through embedded finance.
A Collaboration for Financial Inclusion
This strategic partnership aims to make financial services more accessible in Kenya, Tanzania, Uganda, and Burundi. By combining DTB’s established presence and regulatory compliance with Paymentology’s advanced technology platform, they’re offering a simplified Cards-as-a-Service (CaaS) solution.
Streamlined Card Issuing for Businesses
Previously, businesses faced complexities in offering card solutions due to licensing and scheme memberships. This collaboration changes that. DTB handles compliance and onboarding, while Paymentology provides the card issuing and processing platform. This streamlined process allows businesses to offer tailored solutions like employee salary cards, expense cards, or online payment options.
Benefits for Businesses and Consumers
The partnership benefits both businesses and consumers. Businesses gain a convenient way to offer financial services, potentially enhancing customer loyalty. Consumers, including those previously unbanked, can access these services through familiar brands they trust.
Quotes from Key Players
Jamie Loden, DTB’s COO, highlights the collaboration’s role in their digital transformation strategy and fostering a more inclusive digital payment ecosystem. Kirsten Wortmann, Paymentology’s Africa Director, emphasises their commitment to financial inclusion through partnerships like this one.
Embedded Finance: A Driving Force for Growth
Embedded finance integrates financial services into everyday experiences, simplifying transactions and expanding access to banking. This partnership between Paymentology and DTB exemplifies the potential of embedded finance to drive positive social and economic change in East Africa, a region poised for significant growth.
