I&M Bank has become the first financial institution in Kenya to enable merchants to accept Visa cards for the purchase goods and services online, an official from the Nairobi-based banks tells PaymentsSource.
“We have acquired an e-commerce acquiring license from Visa International making it possible for us to do so,” he says. “We are the first one in the country to receive such a license, and we expect to sign up online merchants by March 2010.”
According to the official, the service will enable traders and businesses in Kenya to accept credit and debit card payments online from their Web sites. “We expect utility businesses to make the most use of our service,” the official says. “In addition, the service is also beneficial for the insurance, tourism, hospitality, etc.”
The service will accept payments from all Visa cardholders, regardless of the issuer, the official says. I&M bank issues 2.2 million Visa debit and 111,000 credit cards.
The launch of e-commerce services in the country only recently was made possible by the enactment of the Kenya Communications Amendment Act, local news reports note.
