Co-op Bank Kenya Launches Visa-Powered Business Cards to Boost SME Growth

Read Time:1 Minute, 52 Second

Co-operative Bank of Kenya has unveiled a suite of Visa-powered business cards comprising Debit, Credit, and Pre-paid Business Cards, designed to meet the needs of small and medium-sized enterprises (SMEs). This initiative is aimed at enhancing expense management for businesses across the country.

The new cards, available to both existing and new customers at Co-op Bank branches nationwide, offer a range of features designed to simplify and streamline financial operations. They enable businesses to separate personal and corporate expenses, make payments directly from their business accounts, and access interest-free credit to improve cash flow management.

Additionally, the cards support the digitization and tracking of office and travel expenses for both local and international transactions, providing a comprehensive solution for business finance. Businesses also stand to benefit from exclusive discounts at select Visa merchants globally, reinforcing the cards’ value proposition for SMEs seeking cost-effective financial tools.

Moses Gitau, Co-op Bank’s Acting Director of Retail Banking, hailed the initiative as a milestone in the bank’s digital transformation. He emphasized the significance of the bank’s $38 million investment in upgrading its core banking system in 2023 to drive innovation and support business digitization.

“This event marks a major milestone in Co-op bank’s digital transformation journey in which the bank has invested heavily including the successful upgrade of its core banking system in 2023 at a cost of over Ksh 5 billion, to drive innovation and support businesses in their digitization efforts by bringing together the best in banking and technology.” Gitau noted.

Read: Absa Kenya Partners with Visa to Launch Kenya’s First Metallic Infinite Card

Visa East Africa’s Vice President and General Manager, Chad Pollock, lauded the partnership as a significant stride in empowering SMEs through digital tools.

“This launch marks a significant milestone in our partnership with Co-op bank and our ongoing efforts to support small and medium-sized enterprises (SMEs) and commercial enterprises in their journey towards digital transformation,” Chad stated.

“Digital payments are not just convenient; they are a catalyst for business growth and economic development. In today’s fast-paced digital world, businesses need to adapt to stay competitive, and digital payments play a crucial role in this transformation.” he added.