Co-operative Bank of Kenya, in collaboration with global payments leader Visa, has unveiled a suite of innovative business payment cards aimed at transforming financial management for small and medium-sized enterprises (SMEs), cooperative societies, and corporate institutions across Kenya. The new offerings include a Debit Card, Credit Card, and Pre-paid Business Card, all designed to streamline expenses, empower employees, and enhance financial control.
The business cards address key challenges faced by enterprises, including the need to separate business and personal expenses, manage cash flow efficiently, and track expenditures digitally. They also offer seamless payments directly from business accounts, access to interest-free credit, and exclusive business-centric discounts through Visa’s global merchant network. Importantly, the cards are usable both locally and internationally and are available to both Co-op Bank customers and non-customers at any of the bank’s branches countrywide.
In his keynote address during the launch, Co-op Bank’s Acting Director of Retail Banking, Mr. Moses Gitau, highlighted the initiative as a pivotal milestone in the bank’s digital transformation journey. He noted that the bank has invested significantly in enhancing its digital capabilities, including the upgrade of its core banking system in 2023 at a cost exceeding Kes 5 billion. “This innovation is part of our continued commitment to supporting businesses in their digitization efforts by merging the best of banking and technology,” said Mr. Gitau.
Visa East Africa’s Vice President and General Manager underscored the importance of the partnership in driving digital transformation among SMEs and commercial enterprises. “This launch is a significant milestone in our collaboration with Co-op Bank. Digital payments are not just about convenience; they act as catalysts for business growth and economic development. In today’s dynamic digital environment, businesses must adapt to remain competitive, and digital payment solutions are critical to this transformation,” he said.
The launch of the business cards aligns with Co-op Bank’s broader strategy to facilitate innovation and digital integration across Kenya’s business ecosystem. By providing tools that digitize office and travel expenses while improving cash flow management, the bank aims to support enterprises in optimizing their operations and achieving sustainable growth.
The bank’s latest offering comes on the back of several prestigious recognitions, including the top IT accolade at the 2024 CIO100 Awards, which celebrate innovation, leadership, and digital excellence among organizations making a tangible impact on business operations and community development across Africa.
With this partnership, Co-op Bank and Visa reaffirm their commitment to fostering financial empowerment and accelerating the digital transformation of businesses in Kenya. The new business cards are poised to revolutionize expense management and provide Kenyan enterprises with the tools they need to thrive in a rapidly evolving digital economy.