Mastercard and Diamond Trust Bank (DTB) have signed a decade-long agreement to enhance digital payment services in Kenya, Uganda, and Tanzania.
The collaboration is aimed at delivering advanced, secure, and tailored payment solutions to transform the digital banking experience for consumers and businesses throughout the region.
Mastercard and DTB will roll out a suite of innovative payment solutions, including customised card products and advanced transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transfer services.
In addition, both parties will launch tokenisation-based passive payment wearables in Kenya in partnership with Tappy Technologies. This technology will allow consumers to make contactless payments by simply tapping the wearable device at any enabled point-of-sale terminal.
Furthermore, the tokenisation technology replaces sensitive payment data with encrypted tokens, protecting cardholder information during transactions.
DTB CEO Nasim Devji said: “This collaboration with Mastercard will help accelerate our digital transformation journey and significantly enhance our ability to deliver innovative financial solutions to our retail, SME, corporate, and fintech clients.”
According to Mastercard, the partnership underscores both companies’ commitment to inclusive growth in Africa’s rapidly evolving financial sector.
The collaboration is also expected to bring substantial benefits to the financial ecosystem, from quicker checkout experiences and enhanced consumer security to higher transaction volumes and greater fintech adoption.
Mastercard Africa division president Mark Elliott said: “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.
“This collaboration highlights our deep commitment to driving digital transformation and financial inclusion across East Africa.”
In a separate announcement, Mastercard introduced Mastercard Pay Local, a new global service enabling seamless card-based payments through local digital wallets.
This service allows Mastercard cardholders to link their credit or debit cards directly to participating digital wallets, eliminating the need for separate prepaid accounts or top-ups for purchases.
