Kenya: Ecobank rolls out Chip Card Technology

Ecobank has become the first bank in Kenya to roll out CHIP technology for all its Visa Debit card products. The CHIP card offers high level security due to an embedded microprocessor that will enable customers carry out transactions at ATMs and Point of Sale (POS) in a more secure way. The microprocessor enhances security against the use of skimmed or stolen account data, a trend that is gaining ground with ATM fraud cases in the country.

Statistics show that Kenyans are increasingly opting to use debit and credit cards as a preferred means of settling payments, with over 4.5 million debit cards currently issued in Kenya.

Commenting on the new product, Ecobank Managing Director Tony Okpanachi said, “One of the major challenges facing the card industry in Kenya today is theft and fraud cases involving cards as a result of limited security features. With the Chip cards, we will be able to minimize such cases through various card usage restrictions such as Personal Identification Number (PIN) authentication for POS transactions and data authentication to protect against counterfeit.”

“This development is a further step to our commitment to provide our customers with innovative and secure solutions for their ever changing needs,” he added. Ecobank Group has embarked on this project across its 33 countries where it operates in line with its strategy of ensuring convenience, accessibility and reliability for all its products.

Ecobank has been at the forefront of creating innovative financial solutions and delivering customer value through its extensive range of unique and diversified products with tailor-made high quality service propositions for its customers.

Source: CSR – 14 Feb 2012