Kenya’s Chase Bank, Naivas Supermarket and Visa have launched a new prepaid shopping card featuring the latest chip-based technology to cut the risk of fraud.
The pre-paid card, based on EMV chip technology will eliminate the need to carry cash for both offline and online shopping at any Naivas outlet and as well act as loyalty card to reward Naivas customers.
According to Paul Njaga, Chase Bank’s Deputy CEO, the Naivas card powered by Visa is unique. “This is a family card, a tool of empowerment and a key to the financial freedom and prudence that every household desires. This is complemented by the easy access and control through web-based services. This feature enables users to manage their budgets and minimize risk of overspending.”
The card is further supported by Internet and mobile access to account balance, statements and stop card functionality. The card boasts access to over one million ATMs & 29 million merchants worldwide, this makes it more than a reward card but a lifestyle oriented card.
The card is being launched at an ideal time as Kenya’s card technology migrates towards chip enabled technologies.
According to Naivas Chairman, Mr. Simon Mukuha, the card is a way of rewarding loyal customers. “We attribute our growth and development to the Naivas customers. It is for this reason that we go out of our way to come up with such products if only to reward and say thank you. This is just a beginning, we will give you more” – said Mr. Mukuha.
Naivas will run an E-Coin facility so customers’ change can be loaded directly onto the card as money. “This is one of the most appealing benefits to Naivas customers as it eliminates the hassle of carrying change or carrying a lot of coins given as change at the retail point,” states Mr. Mukuha.
Jabu Basopo, Visa Country Manager for Southern and East Africa says the card comes into the Kenyan market at an opportune time as it will enhance access to financial services. “Prepaid products are a key priority for Visa, so we are delighted to partner with Chase Bank and Naivas to bring this card to the Kenyan market. For those lacking access to traditional banking services, the option of a prepaid card helps the underserved move from an inefficient and costly cash-and-carry lifestyle to a more convenient and secure way to make everyday purchases,” explains Mr. Basopo.
