Tieto develops Kenya's first digital card and payment solution for Commercial Bank of Africa

Commercial Bank of Africa launched a new digital banking solution based on a mobile app named Loop, making it the first of its kind in Kenya and in the region. Latvian IT company Tieto developed and delivered the digital and mobile payment solution that allows easy card issuance for MasterCard. Commercial Bank of Africa (CBA) is the largest privately owned Kenyan bank, whose primary focus Retail, Corporate and Institutional is banking. With this initiative Commercial Bank of Africa aims to serve 1 million currently unbanked Kenyans.

The concept of the Commercial Bank of Africa’s digital bank designed and produced by Tieto is unique as it focuses on high online availability in order to become more relevant to the younger clientele. This will help the company to serve unbanked Kenyans. It will also ensure the availability of all necessary transactions on a private smartphone, making appointments at a bank branch unnecessary. The payment solution is developed by Tieto and allows instant card issuance for MasterCard. It also offers customers instant money transfers between accounts and easy transaction management.

Tieto Corporation is headquartered in Finland and operates in almost 30 countries. With over 1.8 billion Euros in revenue and employing about 18000 experts, Tieto is the leading IT service company in Northern Europe, providing IT and product engineering services. During the last decade and longer, Tieto has made several investments in Latvia. In 1998, Tieto acquired the company Konts, specialized in payment card processing software that has been transformed into one of Tieto’s key offerings for financial industry: a world-class, end-to-end solution called Card Suite that powers payment card business for many banks, financial institutions and third-party processors across the Europe, CIS and Africa. In 2005, Tieto acquired IT Alise, which at the time was the largest independent IT professional services company in Latvia, specialized in system management, development projects and consulting. Today, it is part of Tieto’s core team for IT consulting in Oracle, Microsoft technologies, enterprise resource planning software and software development services for customers in Northern Europe and the Baltics. During the last five years, Tieto has also established a shared services center in Latvia that serves Tieto Corp.’s enterprises, providing a wide range of financial management, invoice processing and human resources management services.

Source: Tieto