I&M, Union Pay sign deal after pilot

Listed regional lender I&M Bank was last week confirmed the sole regional representative for China’s online pay platform provider, Union Pay International(UPI), following a year-long trial period.

The two firms inked the deal after a successful pilot that saw the listed lender handle all local and cross-border transactions for UPI cardholders on behalf of local banks.

“The partnership aligns with the bank’s business model premised on innovation, where we seek to deliver market driven solutions that meet our customers’ requirements,” said I&M Bank chief executive Kihara Maina. The deal enables Kenyan export traders to receive payments and pay for imported goods cashlessly on the UPI platform. It is an additional revenue stream for I&M Bank as it will earn a commission for facilitating online transactions on behalf of Equity, KCB and SBM’s customers who are UPI cardholders.

UPI’s general branch manager Africa Zhang Luping said they had grown cardholders in Africa to 200 million in the last nine months.