MasterCard, regional card processer Paynet and global security printer DeLaRue have launched a campaign in Kenya entitled “The Great Migration to EMV.” The aim of the campaign is to encourage national banks to move from magnetic stripe cards to EMV compliant ones.
The campaign is being launched as a result of a recent survey conducted by Deloitte on fraud in the financial sector. The audit firm estimated the losses of these banks at more than $4 billion since 2011 and stakeholders predict there could be more which is not declared by banks to protect their image.
In a country where, according to the Central Bank, card payments have raised 83% during the first half of 2012 security of this method is crucial for the country’s cashless society plans to succeed. While migration is costly the three stakeholders told banks that everything is in place for a cost-effective migration to chip and PIN. Card processor and electronic payments solutions provider, Paynet Group, has announced that its issuing facility that is being upgraded to issue EMV chip and pin cards could be ready for launch this year.
Many banks in East Africa are considering switching their issued card base from magnetic stripe to EMV Chip, which have proven to be far more secure. “It is important that East Africa does not let itself lag behind the adoption of EMV Chip issuing, as it will start to become a target for international criminal gangs who focus on countries that still use the magnetic stripe cards,” said Mr Matthewman, Group CEO of the Paynet Group.
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