In an effort to boost business growth, the Co-operative Bank of Kenya, in collaboration with Visa, has introduced innovative payment cards to simplify financial transactions for companies across Kenya.
With technology constantly evolving, enterprises are increasingly using digital methods for operational management, particularly in how they handle payments from clients.
This shift is supported by a tech-savvy demographic, widespread mobile use, and a growing banked community.
The global health crisis further propelled this trend towards digital payments, as businesses avoided cash to reduce virus spread.
Although mobile money transfers dominate digital payments in Kenya, card transactions are gaining traction, with 80% of African digital platforms now offering card payment options.
The advantages include ease of use, expenditure tracking, and quick cash availability.
The Co-operative Bank and Visa have launched a trio of business cards: Debit, Credit, and Pre-paid, aimed at serving Small and Medium Enterprises, Cooperative Societies, and Corporate Institutions.
These cards facilitate international and domestic transactions, allowing businesses to distinguish between personal and company expenses.
“Businesses can now make direct payments from their accounts, manage cash flow with interest-free credit, and monitor office and travel costs digitally while benefiting from global discounts offered by Visa merchants,” stated Co-op Bank.
Here are the features of these cards:
Business Debit Card
- Facilitates direct payments from business accounts.
- Provides tools for expense tracking and management.
- Allows setting of spending limits for different accounts.
Business Credit Card
- Offers purchasing flexibility for company employees.
- Aids in managing cash flow with business-specific benefits.
- Businesses can define total credit limits and allocate sub-limits for departments or employees.
Business Pre-paid Card
- Enables pre-loading funds for controlled expenditure.
- Allows employees to make purchases without dealing with cash.
The recent partnership between Co-operative Bank of Kenya and Visa has led to the introduction of an advanced range of business cards, set to transform financial management for Kenyan SMEs.
Moses Gitau, the Acting Director of Retail Banking at Co-op Bank, declared this partnership a crucial step in their digital evolution.
“We have embraced modern solutions to cater to the changing demands of businesses, promoting innovation,” he said, underlining the bank’s dedication to equipping businesses with tools for expense management, cash flow improvement, and clearer financial separation.
The cards include:
Debit Card
Credit Card
Pre-paid Business Card
Each type offers features tailored to business needs, such as expense segregation, versatile payment options, interest-free credit access, digital expense tracking, and global discount benefits.
Chad Pollock, Visa’s General Manager for East Africa, commented on the significance of digital payments, “They are vital for business expansion and economic progress. In this digital age, they are essential for competitiveness.”
Co-operative Bank’s commitment to digital innovation was acknowledged with the CIO100 Award, recognizing their efforts in digital transformation across Africa.
These cards are accessible at any Co-op Bank branch, marking a new chapter for financial management and efficiency in Kenyan businesses.
Through this partnership, Co-operative Bank and Visa are not only supporting digital payment adoption but also setting the stage for businesses to thrive in a digital economy.