Corporate News
Customers queue for service at a Family Bank branch in Nairobi. Photo/FILE
By BD REPORTER
In Summary
- The lender is also issuing its customers Visa branded debit cards— joining the vast Visa Network ATMs and point-of-sale terminals.
Family Bank has stepped up its issuance of the new
PIN and chip cards, in tandem with the banking industry’s ongoing
migration to the new technology deemed to be more secure from hackers.
The EMV (Euro, MasterCard and Visa) compliant cards have an
implanted memory chip that holds the user’s information instead of the
more fraud-prone magnetic strip.
Family Bank is also issuing its customers Visa
branded debit cards— joining the vast Visa Network ATMs and
point-of-sale terminals.
The lender started issuing the new EMV compliant
cards in the first quarter of the year. The new cards require the use of
a personal identification number (PIN) when transacting at all point of
sales terminals as well as the ATMs.
They have enhanced security features that make it difficult for anyone to skim, clone or duplicate.
“It is an important shift for the banking industry
and critical for the bank. These cards are also usable globally
wherever our customers travel” said Family Bank CEO, Peter Munyiri.
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