Mastercard and Equity Bank have announced a collaboration that will enable Equity Bank 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.
According to a statement by Equity, this partnership 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.
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.
“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, President for Africa at Mastercard.
Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, while speaking about the strategic alliance said, “We are excited to launch this initiative 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.”
