Family Bank switches to chip-and-pin debit cards
What you need to know:
- The bank said that it had also struck a deal with Visa to brand the newly-issued cards.
- The sector was supposed to have migrated from magnetic strip cards by the end of March.
Family Bank has begun issuing chip-and-pin payment cards as part of an ongoing shift by the banking sector to reduce fraud.
In a statement on Thursday, the bank said that it had also struck a deal with Visa to brand the newly-issued cards.
Kenyan banks are rushing to discontinue use of magnetic strip payment cards since they are vulnerable to security breaches.
Chip-and-pin cards, also known as Europay MasterCard Visa (EMV) cards are more secure.
“The card makes payments safe and easy at no extra charge. These cards are also usable globally wherever our customers travel,” Family Bank Chief Executive Officer Peter Munyiri said.
The sector was supposed to have migrated from magnetic strip cards by the end of March.
In May, the Kenya Bankers Association said that banks that failed to issue their customers with EMV cards would take the liability for any fraud committed with the magnetic strip cards.
Earlier this week, PayNet, a local firm that supplies ATMs and payment cards, said that over one million customers banking with three of its partners had migrated to chip-and-pin cards.
