Mastercard and Diamond Trust Bank (DTB) have signed a landmark 10-year agreement aimed at accelerating digital payment adoption across East Africa. This partnership will see the roll-out of customized payment solutions across Kenya, Uganda, and Tanzania, with a focus on enhancing the digital and banking experience for both individuals and businesses.
A key highlight of the collaboration is the introduction of Kenya’s first tokenization-based passive payment wearables. Developed in partnership with Tappy Technologies, these wearables use cutting-edge contactless technology, allowing consumers to make secure payments by simply tapping their devices at any enabled point-of-sale terminal.
Tokenization technology replaces sensitive payment data with encrypted tokens, ensuring that cardholder information remains protected during transactions. This innovation not only boosts security but also offers consumers a seamless and convenient payment experience, turning everyday accessories into powerful financial tools.
“We are thrilled to collaborate with Diamond Trust Bank and Tappy Technologies to launch these game-changing innovations,” said Mark Elliott, Division President for Africa at Mastercard. “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.”
Nasim Devji, Group CEO of DTB, echoed this sentiment, emphasizing the transformative potential of the partnership. “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,” Devji said.
The partnership is expected to have far-reaching implications for the East African financial ecosystem. By introducing secure, tokenized payment wearables and comprehensive cross-border payment solutions, Mastercard and DTB are positioning themselves as leaders in the region’s digital payments revolution. The collaboration also aligns with the growing demand for contactless payments, driven by an increasing number of NFC-enabled point-of-sale terminals across the Middle East and Africa.
Mastercard’s approach, which includes promoting its ‘Top of Wallet’ strategy, aims to enhance convenience for consumers, streamline checkout experiences, and drive transaction volumes for financial institutions. This collaboration also provides fintechs in the region with innovative digital solutions that can foster greater customer adoption and scalability.
The agreement between Mastercard and DTB marks a significant step forward in the drive for financial inclusion and digital transformation in East Africa, promising to reshape the payment landscape in Kenya, Uganda, and Tanzania over the next decade.