The Co-operative Bank of Kenya and Visa have launched three new financial products designed for Medium and Small Enterprises (MSMEs), co-operative societies, and corporate institutions.

The Debit Card, Credit Card, and Prepaid Business Card are intended to assist businesses in managing their expenses and financial operations.

Business-focused features

According to Co-operative Bank, the cards can be used locally and internationally, allowing businesses to separate personal and corporate expenses, make payments directly from business accounts, and access credit to support cash flow.

Customers can also monitor office and travel expenses digitally and benefit from discounts with select Visa merchants globally.

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The cards are available to existing Co-op Bank customers and non-customers alike and can be obtained at any Co-op Bank branch.

Investment in digital transformation

Speaking at the launch, Moses Gitau, Co-op Bank’s Acting Director of Retail Banking, said the initiative aligns with the bank’s focus on enhancing digital solutions for businesses.

“This event marks a major milestone in Co-op Bank’s digital transformation journey in which the bank has invested heavily including the successful upgrade of its core banking system in 2023 at a cost of over Sh5 billion, to drive innovation and support businesses in their digitisation efforts by bringing together the best in banking and technology,” Gitau stated.

Gitau also noted the bank’s commitment to providing financial tools that enable businesses to improve efficiency and accountability in their operations.

Role of digital payments

Visa East Africa Vice President and General Manager Chad Pollock highlighted the importance of digital payments in modern business operations.

"This launch marks a significant milestone in our partnership with Co-op Bank and our ongoing efforts to support small and medium-sized enterprises (SMEs) and commercial enterprises in their journey towards digital transformation," Pollock stated.

"Digital payments are not just convenient; they are a catalyst for business growth and economic development. In today's fast-paced digital world, businesses need to adapt to stay competitive, and digital payments play a crucial role in this transformation.”

Recent accolades

Co-operative Bank recently received recognition for its technological advancements, earning the highest IT accolade in the banking sector at this year’s CIO100 Awards.

The awards honour organisations in Africa that demonstrate innovation, leadership, and excellence in technology and digital transformation.

The launch of these cards is part of Co-op Bank’s broader strategy to provide tools aimed at addressing the financial challenges faced by businesses while supporting their transition to digital payment systems.