Kenya: Mastercard and Equity Bank Forge Alliance to Boost Cross-Border Payments in Kenya

Mastercard, a leading global payments company, has entered into a strategic partnership with Equity Bank, a top financial services provider based in Nairobi. This collaboration enables Equity Bank customers to send money securely across 30 countries.

This initiative marks a significant leap forward in enhancing cross-border financial transactions within Kenya. Through this partnership, customers of Equity Bank can utilize Mastercard Cross-Border Services to transfer funds from any Equity branch location throughout Kenya.

The service provides quicker transaction times, heightened security features, and competitive rates, making cross-border financial transactions more accessible to customers within Equity Bank’s broad market network.

Mark Elliott, President for Africa at Mastercard, commented on the partnership, stating, “Mastercard is committed to delivering innovative solutions that offer the choice, security, and flexibility required by our Kenyan customers. We are thrilled to partner with Equity Bank to bring this sophisticated level of payment service to their customers, helping to integrate millions of people from underserved communities into the financial and digital mainstream.”

James Mwangi, Group Managing Director and CEO of Equity Group Holdings Plc, also expressed his enthusiasm, noting, “This partnership with Mastercard marks a significant milestone in the financial sector. It not only facilitates smoother money transfers but also connects lives and empowers our customers. This collaboration reaffirms our dedication to providing accessible financial solutions that adapt to the changing needs of our customers and reinforces our commitment to promoting inclusive growth across the region.”

The partnership is anticipated to significantly benefit various stakeholders, particularly by reducing costs for senders and migrating remittances from informal, less regulated channels to a secure, formalized system.

Utilizing Mastercard’s renowned global brand and its extensive delivery network, the collaboration ensures the security of remittance transactions, promoting financial inclusion and improving the lives of migrants and their beneficiaries.