Kenyan bank Premier Bank teams up with Mastercard to offer advanced digital banking services
Premier Bank Kenya Introduces Shariah-Compliant Digital Banking Solutions
Premier Bank Kenya, in partnership with Mastercard, has launched two innovative digital banking products - Premier Connect and Premier Tap. These cutting-edge solutions aim to enhance convenience, security, and financial inclusion, offering Shariah-compliant financial services.
Premier Connect: A Digital Banking Revolution
Premier Connect is an omni-channel digital banking platform that allows customers to open bank accounts remotely without visiting a branch. It provides real-time payments across multiple channels, including treasury and foreign exchange services. The platform also offers secure card management, enabling customers to control their cards via the platform. Premier Connect is designed to provide choice, flexibility, and control over one’s financial interactions, bridging Islamic financial principles with modern digital banking convenience.
Premier Tap: The Future of Contactless Payments
Premier Tap is a wearable payment solution that enables contactless transactions through NFC-enabled devices such as smartwatches, rings, and key fobs. It incorporates Mastercard’s security features, including tokenization and encryption, to safeguard transactions. Premier Tap makes payments stylish, convenient, and secure, allowing users to “wear their wallet” and tap to pay anytime, anywhere. This groundbreaking technology represents Kenya’s first wearable payment solution and supports financial inclusion by targeting a mobile-first consumer base.
Mastercard Partnership: A Commitment to Innovation and Inclusion
Mastercard collaborates with Premier Bank to provide the technology infrastructure, emphasizing security, innovation, and financial inclusion. This partnership aligns with Mastercard’s broader commitment to digitize payments, empower MSMEs, and extend access to digital financial services across Africa. Mastercard’s role includes providing secure payment technology and enabling Premier Bank’s adoption of state-of-the-art digital solutions.
Shariah-Compliant Aspects: Ethical Finance Solutions
Both Premier Connect and Premier Tap are designed to be fully Shariah-compliant, ensuring that all banking activities comply with Islamic finance principles. Premier Bank positions itself as Kenya’s first Shariah-compliant digital bank, addressing a key market segment seeking ethical finance solutions consistent with their faith. The Shariah compliance aspect includes adherence to prohibitions on interest (riba) and ethical investment principles embedded in the digital platform.
In summary, Premier Connect offers a comprehensive Shariah-compliant digital banking ecosystem with remote account opening and multi-channel payment capabilities, while Premier Tap revolutionizes payments through secure, wearable contactless technology. Both solutions are empowered by Mastercard to enhance financial inclusion and convenience in Kenya.
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