ElectraCard ties up with Chase Bank, Kenya to launch prepaid students card

PUNE: ElectraCard Services (ECS), an electronic payment systems provider has tied up with Chase Bank, Kenya to launch student prepaid cards. ECS is the technology and processing partner for the program and the processing services will be hosted from ECS' PCI-DSS certified data centre.

Chase Bank has partnered with UNISCOO ( University Students Community Organization) to offer the MasterCard prepaid card to its members, which will allow them to top up the cards and shop at any Mastercard enabled physical or online merchant. Topping up the card can be done at any Chase Bank Branch as well as through M-Pesa and Airtel Money at no additional cost. The prepaid card acts as an ID card as well as a membership card for all UNISCOO members. Ramesh Mengawade, CEO, ElectraCard Services said, "We are proud to be associated with Chase Bank in this initiative towards building a financially inclusive society. Our expertise in retail payments along with our PCI-DSS certified processing platform makes us aptly suited to meet the present and future requirements of our customers."

John Fernandes, Assistant General Manager, Chase Bank said, "As an organization, we are continuously increasing and enhancing our product portfolio to ensure our customers' extensive needs are met. Through a secure, efficient and cost-effective payment system to carry multiple currencies, the prepaid card will offer flexibility and reliability to our customers. The association with ECS will assist our customers with technology that is safe, lucrative and designed by experts in the payments domain."

"The launch of the UNISCOO card is timely and very welcome as we work towards building a financially inclusive country. The population of 15 to 29 year olds in Kenya stands at about 26% of the population, therefore this step towards extending financial inclusion to the youth with a product that is tailored specifically to their needs is indeed a milestone for all of us, and is a sign that the financial sector continues to evolve in line with the needs of the market it serves," said James Wainaina, Vice President, East Africa and the Indian Ocean Islands, MasterCard.