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Stanbic, Mastercard roll out premium card scheme for super-rich
Stanbic Bank Kenya Head of Personal & Private Banking Abraham Ongenge (left) and Mastercard Senior Vice President & Country Manager for East Africa Shehryar Ali during the launch of two new cards at JW Marriott Hotel on October 29, 2024.
Photo credit: Francis Nderitu | Nation Media Group
Stanbic Bank Kenya and global payments technology company, Mastercard have jointly rolled out a card scheme that will offer premium and private banking customers an assortment of market-exclusive benefits and privileges.
The cards, known as Mastercard Stanbic World Card and Mastercard Stanbic World Elite Card, target a pool of 300,000 affluent customers in Kenya.
"The affluent segment in Africa is growing, with projections indicating about 4,400 ultra-high-net-worth individuals by 2030.These premium cards position us to serve this expanding market while delivering world-class banking experiences," Abraham Ongenge, Head of Personal and Private Banking at Stanbic Bank Kenya said.
Cardholders will gain complimentary access to over 1,300 airport lounges globally, including five at Jomo Kenyatta International Airport (JKIA). The cards also come with a 24/7 concierge service for travel arrangements and exclusive event bookings.
For travelers, the cards offer benefits including 10 percent discounts on bookings.com, up to 15 percent off at IHG Hotels, and special privileges at partner establishments. Cardholders also receive complimentary benefits at transit airports, including spa services and refreshments through the Mastercard Travel Pass app.
“Golf enthusiasts will enjoy privileged access to 800 golf courses worldwide, including eight in Kenya, with a 30 percent flat discount on unlimited rounds at prestigious venues such as Windsor Golf Country Club, Thika Greens, and Rift Valley Greens” Stanbic and Mastercard said.
In the domestic market, cardholders will enjoy benefits at various establishments including Carrefour, KFC, Jumia, and Glovo.
The Stanbic-Mastercard premium cards join a growing list of similar schemes targeted at the superrich.
In February 2024, KCB Bank Kenya and global payment solution firm Visa rolled out two premium cards for high-net-worth customers.
The cards known as KCB Signature Card and KCB Infinite Card, are available exclusively by invitation and are targeted at individuals earning between Sh300,000 and Sh1 million per month, and those earning more than Sh1 million, respectively.
KCB in 2023 also launched a premium card partnership with MasterCard. The Mastercard branded cards are available in two categories including World Elite KES Credit, tailored for high-net-worth individuals who prefer transacting in Kenya shillings, and World Elite USD Credit, designed for frequent international transactions in United States dollars.
KCB introduced the World Debit card which will offer exclusive benefits and privileges, ensuring personalised and tailored banking options.
In 2020, NIC Bank unveiled a new NIC Gold Credit Card targeted at its rich customers.
According to the charity organisation Oxfam International, the number of the super-rich in Kenya is one of the fastest growing in the world. It is predicted that the number of dollar millionaires will grow rapidly over the next 10 years, with 7,500 new millionaires set to be created.
