BUSINESSNews

Equity Bank and Mastercard sign remittance deal


Digital payments firm Mastercard has entered into a partnership with Equity Bank to enable the bank’s customers to send money to 30 countries.

Through Mastercard Cross-Border Services, 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.

The two partners said this collaboration marks a significant milestone for cross-border financial transactions in Kenya. It also ensures full value for recipients as there are no landing fees. The charges linked to this service are significantly lower than traditional international payments, making it a more affordable and accessible option for customers. 

“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, allowing Mastercard to bring millions of people from underserved communities into the financial and digital economy,” said Mark Elliott, President for Africa at Mastercard.

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.

Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, while speaking about the strategic alliance said ‘’ This collaboration with Mastercard 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.”

By leveraging Mastercard’s global brand and delivery network, the two partners said this strategic alliance 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 alliance between Equity Bank and Mastercard, aimed at elevating the payment experience for consumers across the region. 

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