Equity Bank has partnered with a global payment platform, Mastercard, to expand its money transfer services to over 30 countries.
The collaboration promotes financial inclusion by providing faster, more secure, cost-effective cross-border transactions through Mastercard cross-border services.
Mastercard Sub-Saharan Africa Division President Mark Elliot said the platform takes pride in providing innovative solutions that deliver the choice, security, and flexibility customers transacting from Kenya need.
“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.”
The new partnership offers cost-effective international transactions with no landing fees, making it accessible and cost-effective for customers, aligning with the evolving payment landscape.
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Stakeholders, including senders, will benefit from reduced costs and secure remittances through Mastercard’s global brand and delivery network.
“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,” James Mwangi, Group Managing Director and CEO of Equity Group Holdings Plc, said.
Remittances are vital 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.
