Paymentology & Diamond Trust Bank to drive embedded finance in Kenya

By Delisha Fernandes

Paymentology, the global issuer-processor, has announced its strategic partnership with Diamond Trust Bank (DTB), an East African commercial banking franchise.

The partnership is aimed at driving financial inclusion in Kenya through the embedding of financial services and deployment of Cards-as-a-Service (CaaS) for both licensed and unlicensed entities.

Jamie Loden, Chief Operating Officer at DTB, said, “We are excited to collaborate with Paymentology, a leading and renowned processor in the market, to introduce our joint embedded finance proposition. We take pride in establishing the capability to create secure stores of value within a regulated framework and seamlessly integrate systems through simplified APIs. This partnership will not only enable us to enhance our service offering but also contribute to the development of a more inclusive and advanced digital payment ecosystem in East Africa, which is aligned with our digital transformation strategy”.

By combining Paymentology’s technological expertise and advanced next-generation platform with DTB’s extensive market presence and regulatory compliance, the two organisations are providing an aggregated card solution to FinTechs and any other non-financial organisations that are looking to embed a CaaS programme as part of their proposition in line with a regulatory framework.

However, navigating the complexities of financial licensing and scheme memberships can be daunting for businesses seeking to offer card solutions. With DTB handling the compliance aspects and providing everything necessary for client onboarding, including KYC procedures, and Paymentology bringing its card issuing and payment processing platform, the process is streamlined.

This collaboration democratises the issuance of cards, enabling end users, whether consumers or businesses, to access tailored solutions such as cards for employee salaries, expense and travel cards, or traders’ cards for online purchases.

Kirsten Wortmann, Regional Director for Africa at Paymentology, said, “At Paymentology, we are committed to fostering financial inclusion through strategic partnerships like this one with Diamond Trust Bank. By enabling the embedding of financial services for both licensed and unlicensed entities, we are not only providing an expedited pathway for partners to activate their card propositions but also contributing to the region’s growth and sustainability.”

The announcement comes at a time when East Africa is poised for robust economic growth, with forecasts indicating growth rates exceeding 5%. Projections from the African Development Bank’s 2023 East Africa Economic Outlook underscore confidence in the market’s buoyancy and resilience despite global economic headwinds and regional challenges.