Mastercard and Equity Bank have inked a deal that will allow Equity Bank customers to send money safely and securely to 30 countries, marking a significant milestone for cross-border financial transactions in Kenya.
Through Mastercard Cross-Border Services, Equity Bank customers will be able to send funds through any Equity Branch Location in Kenya, the firms said in a statement.
The collaboration comes as remittances continue to be 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 the same year.
Cross border remittances have become an increasingly important feature of enhanced financial inclusion by enabling individuals to access formal financial services. By using the Mastercard Cross-Border Services platform the firms are aming to meet a growing demand for more cost-effective and efficient international transactions. This includes faster transaction times, enhanced security measures and a service that has no landing fees, making it a more affordable and accessible option for the bank’s customers.
Mark Elliott, President for Africa at Mastercard said: “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.”
Continuing a decade-long alliance between Equity Bank and Mastercard, one of the key benefits of the deal will be the opportunity to shift remittances from informal, less regulated channels to a more secure platform, the firms said.
Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, added: “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.”
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Image source: Mastercard
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