Equity Bank and Mastercard announce a new payment partnership

nnovative solutions for various customer segments to be introduced include e-commerce payments, cross border payments, community pass for farmers and small businesses, QR and tap on phone.
Equity
Mark Elliott, Division President for Sub Saharan Africa at Mastercard and Dr. James Mwangi, Equity Group Managing Director and CEO, sign a 10-year partnership agreement that will deliver innovative solutions for various customer segments including e-commerce payments, cross border payments, community pass for farmers and small businesses, QR and tap on phone.

Equity Bank has signed a Customer Business Agreement with Mastercard. This agreement aims to provide customers with various Mastercard payment options, including World and World Elite cards, corporate cards, and virtual cards. Customers will also gain access to various payment services, including cross-border remittance, e-commerce payments, QR, and Tap on Phone solutions.

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The array of services and benefits for customers stems from the shared vision of both partners to empower customers to fulfill their payment needs across various aspects of life and business.

Equity and Mastercard will collaborate to develop innovative payment solutions that align with evolving customer demands, particularly in e-commerce, cross-border payments, and segment-specific value propositions. Among the innovations are community pass solutions enabling farmers and traders to access services through various identification methods like QR codes, biometrics, and facial recognition.

This partnership will enable Equity Bank to offer advanced payment capabilities across all its subsidiaries in Kenya, Uganda, Rwanda, Tanzania, South Sudan, and DRC.

Quotes

Speaking during the signing of the agreement, Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc said, “We are pleased to scale up our strategic partnership with Mastercard through the Customer Business Agreement. The opportunity to co-create futuristic payment solutions for our customers across all our bank subsidiaries is part of our strategy of delivering a “One Equity” experience across all our markets.  Equity has become the preferred trade and investment partner in the region, and this makes our value proposition in payments and remittances a central part of our offerings. Our partnership with Mastercard is both mutually beneficial timely and aligned to our customer centric commitment.”

“This alliance underlines our commitment to financial inclusion and digital transformation in Africa. Over the years, we have been working on developing, incubating, and scaling simple and locally relevant digital solutions, building stronger payment ecosystems, and extending acceptance infrastructure to small, mid-sized and micro businesses. By working together with Equity Group – the largest financial institution in East Africa – we are setting the pace for an evolved, affordable, and transparent payment ecosystem across Africa,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.

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