Chase Bank (K) Limited and UNISCOO (University Students Community Organization) have announced a partnership to launch a MasterCard prepaid card available to its members.
The UNISCOO card will allow users to top up and shop at any MasterCard enabled physical or online merchant The Card is aimed at giving the user an easy way to manage funds that is both convenient and secure.
Speaking during the launch John Fernandes Assistant General Manager Chase Bank said: "The UNISCOO card is a unique and target specific card that is powered by MasterCard. It is a tool of empowerment and a key to the financial freedom that every young person should have."
"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 MasterCard's vice president for East Africa and the Indian Ocean Islands, James Wainaina.
According to the Finscope Rwanda 2012 survey, financial exclusion in Kenya stands at 33%. This indicates an opportunity for financial institutions to extend financial inclusion to the youth who have previously been excluded from formal banking. The youth are now being offered an opportunity to be economically empowered and enjoy the benefits of electronic payments in ways that are congruent with their lifestyles and demands.
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 card also acts as an ID card for all UNISCOO members giving it an edge above those in the market. With the UNISCOO Pre-paid MasterCard card students will have access to discounts at partner outlets such as Nakumatt Supermarkets, Text Book Centre, Bata Shoes, Imax Cinema, Ashley's Salon and Barbershop, Modern Coast, Airtel, Bidco Oil Refineries, Tesia Supermarkets and Samsuung. In addition to this, the card will act as a membership ID for all UNISCOO members and can also be used as an ATM card. The card will be available for purchase at Chase Bank Branches as well as the UNISCOO offices at the University of Nairobi.
Jed Ondiko, President, UNISCOO commented: "In the future, we have a great conviction that The UNISCOO MasterCard holders will earn smart points on purchases made at any of the 33million retailers & businesses across the 210 countries that accept MasterCard."
He added that the UNISCOO MasterCard targets to assist the UNISCOO members in the student fraternity evolve in order to operate in a world beyond cash where strategic & intense financial planning is involved.
UNISCOO's core premise is to unite the student fraternity and provide economic empowerment through internships, mentorships, entrepreneurship and social initiatives. Sales of the card will be a source of income generation for UNISCOO that enable them better provide the much needed leadership of their members.