Africa: Equity Bank and Mastercard Forge a 10-Year Agreement to Enhance Payment Services for Consumers

Equity Mastercard Ink Agreement To Scale Consumers Payment
Share this article

Equity Bank has entered into a 10-year Customer Business Agreement with the global payment platform Mastercard, aimed at offering a wide array of payment options to the bank’s customers.

Under this agreement, Equity Bank customers will benefit from various services, including cross-border remittances, e-commerce payments, as well as QR and Tap on phone payment options. Additionally, customers will gain access to Mastercard’s diverse payment solutions, encompassing World Elite cards, corporate cards, and virtual cards.

James Mwangi, the Group Managing Director (MD) and Chief Executive Officer (CEO) of Equity Group, emphasized the timeliness of this collaboration and its alignment with the bank’s customer-centric approach. He expressed his satisfaction with expanding Equity’s strategic partnership with Mastercard, highlighting the goal of co-creating forward-looking payment solutions across all of Equity Bank’s subsidiaries. This initiative is part of Equity’s broader strategy to deliver a unified “One Equity” experience to customers across all markets.

Mark Elliott, Mastercard’s Division President for Sub-Saharan Africa, underscored the significance of this agreement. He emphasized Mastercard’s dedication to fostering financial inclusion and digital transformation in Africa, while concurrently strengthening payment infrastructure, with a specific focus on micro, small, and medium-sized enterprises (MSMEs) in the region. Elliott further highlighted that this partnership with Equity Group, the largest financial institution in East Africa, sets the stage for an evolved, cost-effective, and transparent payment ecosystem throughout Africa.

The primary objective of this agreement is to revolutionize the digital payments landscape, empowering previously underserved small and mid-sized businesses, along with micro-enterprises, to seamlessly and securely manage both domestic and international payments, spanning physical and e-commerce transactions.

Share this article

Global: BIS and Inter-American Development Bank Forge Alliance to Drive Innovation and Financial Inclusion in Latin America

Previous article

Ethiopia: National Bank of Ethiopia Explores Sharia-Compliant Alternatives for Treasury Bills to Accommodate Islamic Banks

Next article

You may also like


Comments are closed.

More in Africa