Family Bank introduces a Multi-Currency Forex Card aimed at e-commerce traders and young people.

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Family Bank has launched a series of prepaid cards aimed at the youth and traders in the ever-expanding e-commerce trade with China, allowing customers to transact in multiple currencies, including the Yuan.

“As a bank, our strategy is focused on positioning ourselves as a competitive player through the roll-out of differentiated products that go beyond banking and by onboarding innovative partners such as Visa, a world leader in digital payments, who can propel our strategic vision of delivering unrivaled digital and customer experiences catered to the unique needs of the various customers that we serve,” said Family Bank CEO Rebecca Mbithi.

The Multi-Currency Forex Card will allow traders, travelers, the Diaspora, and the business community to load multiple currencies in USD, GBP, Yuan, and Euro on a single international card and benefit from features such as waived ATM access fees, zero cross-currency charges, card insurance against unauthorized transactions, and access to lower transaction charges than international credit or debit cards.

The advantage of prepaid cards is that they can be used by both Family Bank customers and non-customers; they are not linked to any bank account, ensuring that the funds in the bank account are safe; the card allows one to budget and spends wisely within limits, where only the amounts topped up can be used; track spends through online banking and access statements regularly, especially if the card has been issued to a supplementary cardholder such as a parent issuing the card.

Family Bank also unveiled students’ prepaid cards and youth cards at the launch event at Daystar University, dubbed the Beba Uzito campaign. The Student Cards are aimed at pre-teens and teenagers, and they will allow their parents to assist them in developing a saving culture through trackable spending.

The Youth Card, on the other hand, is aimed at tech-savvy youth aged 18 to 25. The General Purpose Family Bank Prepaid Card was also introduced by the bank. During the launch of the Beba Uzito Campaign at Daystar University, five lucky students received a preloaded Youth Prepaid Card with KES 5000 each.

“At Visa, we are aware of this need and regularly collaborate with our clients like Family Bank to develop solutions that meet the changing needs of the markets in which we operate,” said Eva Ngigi–Sarwari, Visa Country Lead for Kenya.

“Visa has long been associated with trust, security, acceptance, and inclusion.” In addition to the goal of enabling everyone to participate in the global economy, these core values highlight the power of Visa’s trusted global network, enabling modern money movement and expanding economic access.”89.9 percent of Family Bank customers have shifted transactions to digital banking platforms, with three-quarters of our existing Family Bank customers transacting via card payments, indicating that the adoption of a cashless economy is now a reality.