KCB to issue more secure chip cards in January 2014
Kenya Commercial Bank (KCB) will distribute over 2.2 million new and secure payment cards from January 2014 to its customers, a bank official has announced.Kenya Commercial Bank
will distribute over 2.2 million new and secure payment cards from January 2014 to its customers, a bank official has announced.
Director of retail banking Annastacia Kimtai told CIO East Africa that the existing cards will be replaced in three phases, starting from January, when 700,000 customers will receive the new chipped "EMV compliant" cards.
She added that all of the bank's ATM machines have been upgraded to the more secure standard.
The Central Bank of Kenya
has given banks a March 2014 deadline to replace the magnetic strip cards with more secure EMV compliant chip card[s]
in a bid to reduce fraud.
EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards for authenticating credit and debit card transactions. This system was designed to ensure the security and global interoperability of chip-based payment cards.