This archive report was first published on 11 October 2019.
On October 11, 2019, Diamond Trust Bank (DTB) joined forces with African payment services provider DPO Group and Mastercard to launch a business-to-business (B2B) virtual payment card in Kenya and Tanzania.
The DPO Virtual Card allows businesses to make instant digital payments to other businesses in Africa and across the world without the need for a physical credit card, debit card, or bank account, improving cash flow for firms and opening up African businesses to other markets.
Merchants of the DPO Virtual Card receive a 16-digit card number, security code, and expiry date, which acts as a digital account that can be used worldwide, similar to a physical card.
According to DTB's Head of Products and Marketing, Farouk Khimji, more than 50% of transactions at DTB are done outside the bank, made possible by the country's excellent IT infrastructure.
“We are happy to be the sponsor bank for the DPO Virtual Card and look forward to the growth that this will bring to our business,” said Khimji.
Adam Jones, Area Business Head, East Africa, Mastercard, added that Mastercard is constantly partnering with key stakeholders to deliver relevant solutions that enable consumers and merchants to transact more efficiently and safely.
“This partnership with DTB and DPO will enable even more businesses of all sizes in Kenya and Tanzania to leverage Mastercard’s virtual card technology to make seamless transactions across borders, removing several barriers to trade and enabling them to efficiently track and reconcile all payments,” said Jones.
DPO Group is in the process of securing partner banks in other countries across Africa, which will allow it to facilitate more virtual card payments and give businesses in other African countries greater access to the global market.
“This partnership between DPO Group, DTB Group, and Mastercard is an exciting development not only for DPO Group but also for African businesses which will be able to transact swiftly and securely, reach new markets, and grow with the virtual card,” said Eran Feinstein, CEO of DPO Group.
