Emerging Markets Payments (EMP), an electronic payment processing firm has launched its EMV Migration Package in Kenya as an effective EMV Migration solution to banks at a time when CBK has put a requirement that all local banks move to the more secure EMV technology, which promises more extra security for cardholders, merchants and banks.
The launch also comes at a time when Kenyan banks are recording increase in fraud cases with over $5.4 million (Ksh 460 million) stolen in just nine months according to Banking Fraud Investigations Department (BFID).
EMV technology will therefore reduce those frauds by providing cardholders with a more secure environment for electronic payments, drive financial inclusiveness in Kenya and aid in move to cashless economy. EMP promises full migration to just 90 days and says it has successfully completed more than 400 EMV implementation projects across the continent. EMP’s capabilities include Visa, MasterCard and other major international payment brands. EMP also allows mobile and Internet integration.
Speaking at the launch, Wayne Harris, EMP’s Regional Director for East and Southern Africa,“With more than 130 clients in 45 countries, EMP is Africa’s largest payment card processor. With our portfolio, we believe we are well positioned to deliver world-class services to the Kenyan market through applying EMV services.”
EMP has offices in Cairo, Egypt; Amman, Jordan; Lagos, Nigeria; Cape Town and Johannesburg, South Africa. It serves over 130 banks and 30,000 retailers across 45 countries in MEA.