Mastercard and Diamond Trust Bank (DTB) have announced a transformative 10-year partnership to launch digital payment solutions across Kenya, Uganda, and Tanzania, aiming to enhance banking and payment convenience in East Africa. The collaboration includes Kenya’s first tokenization-based payment wearables, offering consumers a new level of secure, contactless transactions.
Through this strategic alliance, Mastercard and DTB will deliver a range of payment innovations, from bespoke card products to advanced solutions for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions.
The new payment wearables, developed in partnership with Tappy Technologies, allow users to make secure, contactless payments by simply tapping the wearable device at any enabled point-of-sale terminal. Tokenization technology encrypts sensitive cardholder data into secure tokens, providing an added layer of security.
“We are thrilled to collaborate with Diamond Trust Bank and Tappy Technologies to launch these game-changing innovations. By combining our expertise in digital payment solutions with DTB’s strong market presence, we are enhancing the banking experience and providing customers with more secure and convenient ways to pay,” said Mark Elliott, Division President, Africa at Mastercard. “This partnership underscores our commitment to driving digital transformation and financial inclusion across East Africa.”
L-R: Shehryar Ali, SVP and Country Manager for East Africa & Indian Ocean Islands at Mastercard; Mark Elliott, Division President for Africa at Mastercard; Nasim Devji, Group CEO at Diamond Trust Bank (DTB); and George Otiende, Director for Retail Banking at Diamond Trust Bank (DTB) during the signing of a landmark 10-Year agreement that will dive digital transformation in Kenya, Uganda and Tanzania.
Nasim Devji, Group CEO of DTB, echoed the excitement, noting the collaboration’s role in accelerating DTB’s digital transformation journey. “This partnership with Mastercard will enhance our ability to deliver innovative financial solutions to our retail, SME, corporate, and fintech clients,” Devji said.
As demand for contactless payment solutions rises, with one in nine transactions in the MEA region already conducted via contactless methods, the Mastercard-DTB partnership is poised to meet this growing trend.
The collaboration also positions both companies at the forefront of East Africa’s digital payment landscape, delivering enhanced security and speed for consumers and providing merchants with faster checkout experiences and higher approval rates. For fintechs, Mastercard’s ‘Top of Wallet’ strategy supports wider adoption of digital solutions, helping drive financial inclusion and support East Africa’s rapid digital evolution.
By bringing tokenized payment wearables and secure, cross-border payment solutions to East Africa, Mastercard and DTB are helping shape the future of digital finance in the region, fostering inclusive growth and advancing the region’s financial ecosystem.