MasterCard and Diamond Trust Bank (DTB) Forge a Digital Payment Partnership in East Africa.

MasterCard and Diamond Trust Bank (DTB) have launched a decade-long collaboration aimed at transforming the digital payments landscape in East Africa. This partnership, set to operate across Kenya, Uganda, and Tanzania, promises to redefine banking experiences with secure, innovative payment solutions that cater to individuals and businesses alike. 

A First for Kenya: Tokenized Payment Wearables

Kenya is set to experience its first tokenised payment wearables. This innovation, a first for the country, transforms everyday accessories like bracelets and smart bands into secure, contactless payment devices. Powered by tokenisation, a technology that replaces sensitive cardholder data with encrypted tokens, these devices promise unparalleled security and ease of use.

“By collaborating with DTB, we’re setting new benchmarks in secure and seamless digital payment experiences,” remarked Mark Elliott, Division President, Mastercard Africa. “This initiative represents our commitment to advancing financial inclusion and innovation in East Africa.”.

The partnership extends beyond the wearables. It includes a suite of tailored solutions for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions. These services aim to empower individuals and businesses alike, particularly small and medium enterprises (SMEs), by simplifying operations and enhancing transaction efficiency.

Driving Regional Innovation

With digital payment adoption rapidly growing in East Africa, this collaboration aligns with the region’s push for technological advancement and financial inclusion. As NFC-enabled terminals become more prevalent, the introduction of tokenised solutions positions DTB and Mastercard at the forefront of this transformation.

Nasim Devji, Group CEO of DTB, highlighted the strategic importance of the partnership, stating, “This initiative will enable us to serve our clients better, drive digital transformation, and foster innovation within the financial ecosystem.” This deal represents a commitment to reshaping the way money moves across East Africa, paving the way for a smarter, safer financial future.