The deal will enable the conference organizer to invite experts on EMV Chip technology, secure online payments and Payment Card Industry Data Security Standards (PCI DSS) to the two day conference to open on 11 September, 2013 at the Intercontinental Hotel, Nairobi.
The forum will also be co-sponsored by De La Rue Security Printers, which has together with Paynet Group and other partners in a campaign dubbed the “The Great Migration to EMV Chip” been training bankers on a variety of topics around the new secure card payments technology.
EMV is a global standard for credit, debit and prepaid payment cards based on chip card technology being recommended worldwide. As of mid 2012, there were 1.55 Billion EMV-compliant payment cards in use. Kenya will be among the first markets in Africa to adopt these payment chip cards which contain an embedded microprocessor, a type of small computer that provides strong security features such as encryption and other capabilities not possible with traditional magnetic stripe cards.
Said Richard Coate, MD, PesaPoint, part of the Paynet Group: “It is a decision point for banks in the region. They are tackling the options available for migration for EMV Chip technology for their credit and debit cards business. EMV chip cards, once issued will safeguard consumers. Furthermore, to fully win the fight against card fraud, the data centre will be a focal point. We have reasons to believe that fraud will shift to the banks’ data centres.”
Paynet Group, to whom major banks in the region outsource their card operations and card payment processing functions to, has recently completed an upgrade on their card processing platform in Nairobi that will operate on the world class Prime 4 platform. The platform will enable them to handle EMV Chip migration and manage card businesses for banks in the region.
Increased losses by banks to card fraud has lead the Kenya Bankers Association (KBA) to issue a deadline of March 2014 within which banks should have migrated to EMV Chip.
A report by Banking Fraud Investigations Department (BFID), for instance, estimated that cash lost by financial institutions to fraud between April 2012 and April 2013 hit the Sh.1.4 billion mark.
Central Bank of Kenya data show the local card payments industry boasted a total of 10 million cards in circulation as at January 2013 and continued to grow moving billions of dollars worth of transactions each month.