Kenya-based Commercial Bank of Africa has introduced its latest digital banking solution based on a mobile app known as Loop, claimed to be the first of its kind in Kenya and in the region.
Tieto has developed and provided the digital and mobile payment solution which enables the Nairobi-headquartered lender seamlessly and instantly issue card for MasterCard. The new solution also offers customers instant money transfers between accounts and easy transaction management.
With the latest technology improvement, Commercial Bank of Africa seeks to serve approximately one million currently unbanked Kenyans.
Aimed at younger clientele, the solution will ensure the availability of all necessary transactions on a smartphone, eliminating the need to make appointments at a bank branch.
Commercial Bank of Africa general manager of new business ventures Eric Muriuki said: “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 one 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.”
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Tieto head of retail payments and cards Maris Ozolins said: “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.”