Category Archives: GT Bank

Credit Cards Moment: AmEx and MasterCard take on Visa in Kenya

Central Bank of Kenya (CBK) statistics from the first quarter of 2018 show that there are 120,000 locally issued credit cards and 18 million debit cards/ ATM cards. With interesting patterns of credit cards usage over the last few years, for various reasons, there are some new entrants out to take on ubiquitous Visa-branded cards in Kenya.

MasterCard: GT Bank Kenya is rolling out a series of World MasterCard credit cards. The Gold and Platinum cards come with perks of travel and rewards including international airport lounge access, complimentary nights at 175 Starwood Hotels, luxury apartment discounts and Hertz Gold Plus car rentals along with enhanced insurance benefits that are easy to claim and a 24/7 concierge who offers personalized travel services. There are also tailored dining offers for Diani, Kisumu, Malindi, Mombasa, Nairobi. Ukunda and Watamu as well as towns in Nigeria.

Previously, one of the most-popular MasterCards on the market was the prepaid global card by Nakumatt that was supplied by KCB and Diamond Trust banks. They have been inactive since early this year following Nakumatt’s difficulties that started before the supermarket chain went under voluntary administration.

American Express: Also, Equity Bank and American Express have just extended their 2013 partnership. The bank which issues the American Express Green Card and Gold Card is the sole issuers of the globally accepted American Express cards in East Africa. With the signing of a now exclusive merchant acquisition agreement, Equity will be the sole merchant acquirer of American Express card transactions and will manage all aspects of merchant relationships including acquisition, statements, and marketing. Equity Bank earned Kshs 278 million in AmEx commissions last year, a 54% increase from 2016. The Bank also issues Union Pay, Diners, and JCB cards in addition to Visa and MasterCard.

GTBank showcases African Art

On Thursday, GTBank Kenya sponsored a contemporary African Art show in Nairobi that featured artwork from 12 local artists.

To give a boost to African art they recently launched Art 635 – which is an online website, created by Guaranty Trust Bank (to be filled) with amazing, diverse and important works which will exclude the filter of Eurocentrism, and still fulfill global standards with its quality. They are inviting more Kenyan artists to list on Art635 so their work can also be showcased globally. GTBank also sponsored the massive Fashion Weekend event in Nigeria last month. In addition, they have an SME market hub which they term as an eBay for Africa and support Ndani TV, an online African content TV platform.

GTBank Kenya Managing Director, Ms. Ibukun Odegbaike said, “GTBank has supported Art over the years, endeavoring to provide enabling platforms for African Art, not just to become more visible and appreciated but also be more commercially viable.”

The artists feted by GTBank were Patrick Kinuthia, Jjuuko Hoods (from Uganda), Joshua Mainga, Douglas Musyoki, Peter Elung’at, Haji Chilonga (from Tanzania), Yassir Ali (North Sudan), Emily Odongo, Michael Soi, Anne Mwiti, Michael Musyoka and Coster Ojwang. The works on display ranged in price from about Kshs 80,000  to Kshs 1.2 million.