Multi-currency prepaid card expected to witness strong growth in Kenya

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Prepaid card market in Kenya recorded a CAGR of over 45% over the last five years. It is expected to reach US$ 11.8 billion by 2021. One of the emerging areas across Africa and more specifically in Kenya is the increased adoption of multi-currency prepaid cards. The multi-currency prepaid card is capable of holding key currencies at the same time and its target audience comprises importers and exporters, regular travelers, students living abroad who usually conduct online transactions. This product line is aimed at reducing foreign exchange exposure of customers.

Barclays Bank of Kenya (BBK) has recently launched multi-currency and payroll prepaid cards under their prepaid card service segment. The prepaid card automatically detects type of fund to be used across currency wallets through in-built intelligence system and functions across POS terminals, online platforms and ATMs. The Payroll and Student prepaid card however is a single currency card with local payment options through managed wallets. The payments can only be processed at authorized outlets and through online transactions ensuring security.

The card is functional at Visa acceptance locations and no additional charges are present for using the card for cash withdrawals at ATMs and purchases at merchant locations or online. The service is available to both bank and non-banking customers through a simple registration process that can be done at a corporate outlet or any branch of BBK. There is provision to reload the card through M-Pesa as well and the account can be managed using web based portal or via USSD. There is SMS alert facility for tracking transactions as well.

To know more and gain deeper understanding of prepaid card industry in Kenya, click here.