Mastercard and Equity Bank have announced a strategic collaboration that will enable Equity Bank customers to send money safely and securely to 30 countries. This collaboration marks a significant milestone for cross-border financial transactions in Kenya.
Remittances are a key economic driver in Sub-Saharan Africa with a reported $53 billion flowing into the region in 2022. In Kenya, the Central Bank of Kenya reported $5.77 billion worth of foreign currency inflows in 2022. Cross-border remittances unlock financial inclusion by empowering individuals to access formal financial services, ultimately fostering economic growth and stability in the region.
Mastercard And Equity Bank Partnership To Support Customers
The Mastercard and Equity Bank partnership will leverage Mastercard’s Cross-Border Services capability where Equity Bank customers will be able to send funds through any Equity Branch Location in Kenya. This platform offers a suite of benefits including faster transaction times, enhanced security measures, and competitive pricing, making cross-border transactions accessible to consumers across Equity Bank’s expansive market network.
“Providing innovative solutions that deliver the choice, security, and flexibility that customers transacting from Kenya need and expect is a factor we take pride in. Mastercard is delighted to collaborate with Equity Bank to make this level of payment ingenuity a reality for Equity Bank customers, giving Mastercard an opportunity to bring millions of people from underserved communities into the financial and digital economy,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.
The collaboration between Mastercard and Equity Bank also ensures full value for recipients as there are no landing fees. The charges linked to this innovative service are significantly lower than traditional international payments, making it a more affordable and accessible option for customers. This development aligns with the evolving payments landscape, catering to customer demands for cost-effective and efficient international transactions.
Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, while speaking about the partnership said, “We are excited to launch this partnership with Mastercard, which stands as a beacon of progress in financial services. This facilitates money transfers and more importantly, connects lives and empowers our customers. This collaboration underscores our commitment to providing accessible financial solutions that meet the evolving needs of our customers and solidifies our role in fostering inclusive growth across the region.”
This initiative is poised to have a profound impact on various stakeholders, including hardworking senders who will benefit from reduced costs and the opportunity to shift remittances from informal, less regulated channels to a secure and formal platform. By leveraging Mastercard’s global brand and delivery network, this partnership ensures the safety and security of remittances, contributing to financial inclusion and the overall well-being of migrants and beneficiaries.
This collaboration forms part of a decade-long partnership between Mastercard and Equity Bank, aimed at elevating the payment experience for consumers across the region, setting a precedent for innovation and customer satisfaction in the world of financial services.
About Mastercard And Equity Bank
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Equity Group Holdings Plc is a non-operating holding company with banking subsidiaries in Kenya, Rwanda, Tanzania, Uganda, South Sudan and Democratic Republic of Congo, a Commercial Representative Office in Ethiopia and non-banking subsidiaries in Kenya that are engaged in providing investment banking and stock-broking, insurance, custodial services, payment services and telecommunication services.
Equity Group Holdings Plc is listed on the Nairobi Securities Exchange and other regional exchanges with a market capitalization of Ksh.127.0 billion (US$ 808.91Mn). Equity Group Holdings Plc reported a consolidated asset base of Ksh.1.82 trillion (US$ 11.6bn), deposits of Ksh. 1.36 trillion (US$ 8.6bn) and a customer base of over 19.5 million customers as of 31st December 2023. Equity Group has a footprint of over 390 branches, 71,498 Agents, over 1,000,000 Pay with Equity (PWE) Merchants, 37,589 Point-of-Sale (POS) Merchants, over 780 ATMs and an extensive adoption of digital and mobile banking channels.
