This archive report was first published on 12 September 2019.
On September 12, 2019, SBM Bank Kenya and UnionPay International announced a partnership to launch a debit card that will ease online transactions for local firms importing goods from China.
The debit card, issued by SBM Bank Kenya, will have a wallet for Yuan, the Chinese currency, and will also shield local firms from online fraud for purchases that currently rely on trust.
SBM Group Chairman Kee Chong Li stated that the UnionPay prepaid card will enable users to make direct purchases from China and shield them from forex losses.
The card will have no cash limits on top-ups, but customers will only be allowed to load Sh750,000 a day.
This deal marks efforts by UnionPay International to expand its footprint in Africa, as lenders seek to capitalise on traders' increasingly eyeing the Chinese market for imports ranging from clothes to electronics.
