ICBC targets Chinese visitors to Kenya with new credit card

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NAIROBI (Reuters) – The Industrial and Commercial Bank of China (ICBC) has launched a credit card in partnership with Kenya’s Stanbic Bank to tap a growing pool of Chinese tourists visiting the East African nation.

Some 53,485 Chinese visitors came to Kenya last year and ICBC, which owns a stake in Stanbic Kenya’s parent, South Africa’s Standard Bank, expects the number to rise to 60,0000 this year, doubling from 2015 levels.

Gang Sun, deputy chief executive of ICBC Africa, said users of the card will be able to pay for hotels and other services while visiting Kenya.

He said the adoption of Chinese payment options such asUnion pay and WeChat by Kenyan tour operators could also help increase the flow of tourists.

“More and more Chinese choose to travel abroad for their vacations… with average consumption of $1,250 per person,” Sun said while launching the card in Nairobi.

ICBC’s number of credit card customers increased to 88.59 million last year, making it China’s largest domestic credit card issuing bank, it said in March.

Reporting by John Ndiso, editing by Louise Heavens

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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