Mastercard and Diamond Trust Bank (DTB) have signed a milestone 10-year deal to provide bespoke digital payment solutions in Kenya, Uganda, and Tanzania.
This alliance intends to transform the digital and banking experiences of individuals and businesses in the region.
The collaboration will center on providing innovative, safe, and convenient payment solutions, such as custom card products and sophisticated transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions. In a first for Kenya, the cooperation also includes tokenization-based payment wearables, introducing cutting-edge contactless technology to users across the country.
Nasim Devji, Group CEO of DTB, said, “This collaboration with Mastercard will help accelerate our digital transformation journey and significantly enhance our ability to deliver innovative financial solutions to our retail, SME, corporate, and fintech clients.”
Kenya’s first tokenization-based payment wearables, launched by Mastercard and DTB in collaboration with Tappy Technologies, are a key innovation that allows consumers to make secure, contactless payments by simply tapping the wearable device at any equipped point-of-sale terminal.

Tokenization technology substitutes critical payment data with encrypted tokens, ensuring that cardholder information is secure during transactions. Wearables provide not just higher security but also greater convenience, transforming everyday items into sophisticated payment tools.
“We are thrilled to collaborate with Diamond Trust Bank and Tappy Technologies to launch these game-changing innovations. By combining our expertise in digital payment solutions with DTB’s strong market presence, we are enhancing the banking experience and providing customers with more secure and convenient ways to pay. This collaboration highlights our deep commitment to driving digital transformation and financial inclusion across East Africa,” said Mark Elliott, Division President, Africa, Mastercard.
By offering secure, tokenized payment wearables and comprehensive cross-border solutions, DTB and Mastercard have placed themselves at the forefront of the region’s digital revolution.
This collaboration will bring significant benefits across the financial ecosystem—enhancing convenience and security for consumers, providing faster checkout experiences and higher approval rates for merchants, driving increased transaction volume for financial institutions through Mastercard’s ‘Top of Wallet’ approach, and enabling fintech to achieve greater customer adoption and scale with innovative digital solutions like wearables.The post Landmark Deal to Boost Digital Payments in East Africa first appeared on IT News Africa | Business Technology, Telecoms and Startup News.