Payments giant Mastercard is joining forces with Nairobi-based Equity Bank, to enable customers based in Kenya to send money safely and securely to 30 countries.
Through Mastercard Cross-Border Services, Equity Bank customers can now 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.
Remittances remain a key economic driver in Sub-Saharan Africa with a reported $53billion 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, as well as stability in the region.
Mark Elliott, president for Africa at Mastercard, explained: “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.”
This collaboration also ensures full value for recipients as there are no landing fees. The charges linked to this innovative service are significantly lower than traditional international payments, making it a more affordable and accessible option for customers. This development aligns with the evolving payments landscape, catering to customer demands for cost-effective and efficient international transactions.
‘Fostering inclusive growth across the region’
This collaboration also forms part of a decade-long alliance between Equity Bank and Mastercard, as they aim to enhance payment experiences for consumers across the region, setting a precedent for innovation and customer satisfaction in the world of financial services.
James Mwangi, group managing director and CEO of Equity Group Holdings Plc, also 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.”
This initiative hopes to dramatically impact various stakeholders, including hardworking senders who will benefit from reduced costs and the opportunity to shift remittances from informal, less regulated channels to a secure and formal platform.
By leveraging Mastercard’s global brand and delivery network, this strategic alliance ensures the safety and security of remittances, contributing to financial inclusion and the overall well-being of migrants and beneficiaries.
