Chase Bank Kenya has announced plans to upgrade its card and ATM services. The developments come at a time when leading lenders have made the switch from unsecure magnetic strip cards to EMV chip technology.
The EMV platform was developed by the leading card operators Europay, MasterCard and Visa to ensure security of card systems and ease of payment globally. It is a global standard for credit and debit payment cards based on chip card technology taking its name from the card schemes Europay, MasterCard, and Visa – the original card schemes that developed it.
The shift to EMV chip-and-pin cards was seen as a relief for banks and their clients, who have been victims of fraud. Further strategies aimed at ensuring security in the industry have since been taken with Chase Banks move being the latest.
“We are upgrading our card system and hence our Card and ATM Services will be unavailable on Tuesday 24th November 2015 from 12:00 am to 2:00 pm,” Chase Bank said in a statement.
“Our Mfukoni Mobile Banking, Mfukoni Online Banking and Branches countrywide remain available during this period,” the lender said.
The move comes just days after Chase Bank Kenya and AgenceFrançaise de Développement (AFD) signed a credit line agreement worth Sh1.12 billion to finance green energy projects in Kenya.
The credit will see Chase Bank Kenya lend to businesses that are investing in renewable energy technologies projects (small hydro, biomass, biogas, solar, geothermal) as well as energy efficiency measures.
Chase Bank Chief Executive Paul Njaga says the funds will be available at competitive rates to eligible customers investing in renewable energy and energy efficiency projects through all Chase Bank branches.
The credit line also comes with a technical assistance program that will be managed by Kenya Association of Manufacturers (KAM). This will help the bank improve its knowledge on lending to and involvement in sustainable energy projects bonds.
