KCB Group has signed a five-year strategic partnership with global technology payments firm MasterCard that will see cardholders across the East African region draw gains from enhanced payment solutions spanning issuance of premium World and World Elite cards, youth pre-paid and corporate cards.

In a joint statement on Monday, the two firms said the new payment solutions, which will also include e-commerce payment capabilities, cross-border remittances, QR and tap-on-phone proficiencies, will be rolled out in Kenya, Burundi, Rwanda, South Sudan, Tanzania and Uganda.

The duo said they will leverage each other’s advanced technological networks to co-create the innovative payment solutions and marketing initiatives to leapfrog financial inclusion in the target territories.

In the partnership, the firms seek to deepen financial access, connect customers with novel experiences as well as empower small and mid-sized businesses to derive value from their interactions with the bank.

“We want to tap technology and our expertise to revolutionise how our customers in East Africa access our financial services,” stated KCB Group CEO Paul Russo during the signing ceremony.

“This collaboration is also part of our commitment to continually extend a variety of benefits to them while at the same time shaping the future of commerce and forging new paths for inclusive economic growth.”

Mark Elliott, MasterCard’s division president for Sub-Saharan Africa, termed the deal as the culmination of shared passion and commitment to accelerate digital transformation and financial inclusion across the region.

“We have collaborated to build an innovative, inclusive, and sustainable future in payments, grounded in the shared values of advancing the communities we both serve,” said Elliott.

“We are delighted to partner and deliver a differentiated value proposition for both individual and SME businesses that will drive new payment experiences and increased financial access across East Africa.”

The two financial sector players further said the agreement will set the pace for an evolved and transparent payment system across the region, scaling simple and locally relevant digital solutions to both individual consumers and small businesses.