Equity Bank and Mastercard have announced a strategic collaboration enabling customers to send money safely and securely to 30 countries.
This marks a significant step forward for cross-border financial transactions in Kenya.
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.
These vital funds support families and foster financial inclusion and economic growth.
Making Cross-Border Payments Easier and More Affordable
Through Mastercard Cross-Border Services, Equity Bank customers can now send money via any branch in Kenya. This innovative platform offers a trifecta of benefits, including:
- Faster Processing
- Enhanced Security
- Competitive Pricing
Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, emphasizes the company’s commitment to providing innovative solutions.
“We are proud to collaborate with Equity Bank to offer customers the choice, security, and flexibility they deserve. This partnership empowers millions from underserved communities to participate in the financial and digital economy.”
This collaboration goes beyond mere cost savings. Equity Bank customers will also enjoy no landing fees, making it a more affordable and accessible option compared to traditional international money transfers.
Dr James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, underscores the partnership’s significance: “This collaboration strengthens our commitment to providing accessible financial solutions and empowers our customers. It fosters inclusive growth across the region by connecting lives through secure money transfers.”
This collaboration strengthens the decade-long partnership between Equity Bank and Mastercard. Together, they set a new standard for innovation and customer satisfaction in the Kenyan financial services sector.
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