Mastercard and Equity Bank have agreed a strategic collaboration, enabling bank customers to send money securely to 30 countries. The collaboration marks a significant milestone for cross-border financial transactions in Kenya.
Kenya: $5.77bn of foreign currency inflows in 2022
Remittances are a key economic driver in Sub-Saharan Africa with a reported $53bn flowing into the region in 2022. In Kenya, the Central Bank of Kenya reported $5.77bn 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.
Go deeper with GlobalData
Through Mastercard Cross-Border Services, Equity Bank customers will be able to 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.
“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. It gives 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.
Charges significantly lower than traditional international payments
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. This development aligns with the evolving payments landscape, catering to customer demands for cost-effective and efficient international transactions.
James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings, 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. 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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
