Mastercard And Equity Bank Partner to Enhance Cross-Border Money Transfers in Kenya

Payments giant Mastercard announces strategic partnership with Equity Bank, a financial services provider headquartered in Nairobi, allowing Equity Bank customers to send money securely to 30 countries. 

This collaboration represents a major advancement in cross-border financial transactions within Kenya. With this partnership, Equity Bank customers can now use Mastercard Cross-Border Services to send funds from any Equity Branch Location in Kenya. 

This platform offers faster transaction times, enhanced security measures, and competitive pricing, making cross-border transactions accessible to consumers across Equity Bank’s extensive market network.

Speaking on the partnership, President for Africa at Mastercard Mark Elliott said, 

“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,”

Also speaking, Group Managing Director and CEO of Equity Group Holdings Plc James Mwangi 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 collaboration is set to make a significant impact on various stakeholders, particularly senders who will enjoy lower costs and the chance to move remittances from informal, less regulated channels to a secure and formal platform. 

Leveraging Mastercard’s global brand and delivery network, it guarantees the safety and security of remittances, promoting financial inclusion and enhancing the well-being of migrants and beneficiaries.