KCB Group has deepened its foray in the cashlite economy with a new deal with the government which has seen the Bank launch a new card to aid the disbursement of billions of shillings under the social protection programme.
The Ministry of Labour, Social Security & Services has awarded the tender to KCB, presenting a rare opportunity for the Bank to take part in this exercise and transfer at least Sh29 billion for the initial 400,000 beneficiaries the Government expects to register in the first one year.
The Biometric Registration of the ‘Inua Jamii’ Cash Transfer Programme Beneficiaries was launched on Tuesday by President Uhuru Kenyatta.
According to the KCB Managing Director Kenya and Chief Business Officer-, Samuel Makome, the Bank is ready to roll out the program as soon as it kicks off in March, 2015.
“With our reliable card business and through our countrywide reach of over 240 branches and over 8,000 agents, the Bank will be able to offer convenient means of availing the funds to the registered beneficiaries. This initiative hopes to enhance convenience, security, accessibility and efficiency as well as accountability process which was deficient previously”, said Makome.
Biometric card solution as part of E-payments is quickly gaining acceptance and currently enjoying wide usage in Kenya.
This development followed after KCB Group emerged first among the other top contenders in a tender process floated by the Ministry of Labour, Social Security & Services early last year.
In line with this, the Government of Kenya through the National Social Protection Policy is focused on increasing the scale, improving the quality and coordination of social assistance interventions through cash transfers.
The Ministry has since started the National Safety Net Programme (NSNP) seeking to operationalize these priorities for four Cash Transfer Programmes:
Cash Transfer to Orphans and Vulnerable Children (CT-OVC); Older Persons Cash Transfer (OPCT); Persons with Severe Disability Cash Transfer (PwSD-CT); Urban Food Subsidy Cash Transfer (UFSCT) Solution alternatives.
In the Banks’ efforts to remain competitive in the card business, it will continue to be innovative and enhancing consumer experience journey. One of the most valuable contributions the Bank will make is helping to bring more people into the formal financial system.
KCB is dedicated to creating pathways to financial inclusion for the financially underserved through our products, services, technology and payments and our strategic partnerships.