Chase Bank launches prepaid card targeting students

Chase Bank has launched a pre-paid card targeting students, the first of its kind in Kenya.

The Mastercard, which retails at Sh300, allows users to top up and shop at designated outlets.

It is intended to enhance management of funds among students.

The card was launched in partnership with the University Students Community Organisation (UNISCOO) which targets financial and leadership empowerment for its members.

Students with UNISCOO prepaid MasterCard card will have access to discounts at partner outlets such as Nakumatt supermarket, Text Book Centre, Bata Shoes, Imax Cinema, and Modern Coast.

The UNISCOO card will be available for purchase at Chase Bank branches as well as the UNISCOO offices at the University of Nairobi.

The card will also act as a membership ID for UNISCOO members and can be used for ATM withdrawals in Chase Bank, Pesa point, Kenswitch ATMs and MasterCard merchant outlets.

They will also get access to internships, placements, and external exchange programmes. UNISCOO President John Ondiko said about 700 students secured internships last year through the organisation.

The card can be topped up at Chase Bank branches or through mobile money transfer services free of charge.

Chase Bank Assistant General Manager John Fernandes said the card would extend financial inclusion to the youth who have previously been excluded from formal banking services.

“It is a tool of empowerment and a key to financial freedom.” Mr Fernandes said.

The Finscope Rwanda 2012 survey reported that financial exclusion in Kenya stood at 33 per cent last year.

Mastercard is accepted in more than 33 million outlets in 210 countries.