This collaboration leverages Mastercard Cross-Border Services, allowing customers to initiate transactions at any Equity Bank branch across Kenya.

The platform boasts faster processing times, enhanced security measures, and competitive fees, making international money transfers more accessible than ever for Equity Bank’s extensive client base.

This partnership marks a significant milestone for Kenyan financial transactions, ensuring greater value for recipients with the elimination of landing fees.

The service’s competitive pricing structure makes it a more affordable and convenient option compared to traditional international payment methods.

“Mastercard prioritizes providing innovative solutions that cater to the specific needs of Kenyan customers – choice, security, and flexibility,” said Mark Elliott, President for Africa at Mastercard.

“We are thrilled to collaborate with Equity Bank to offer this level of payment ingenuity to their clients. This partnership unlocks the potential to integrate millions from underserved communities into the digital and financial economies.”

Remittances play a crucial role in Sub-Saharan Africa’s economic growth.

In 2022 alone, the region received a staggering $53 billion, with Kenya recording $5.77 billion in foreign currency inflows, as per the Central Bank of Kenya.

Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, emphasized the partnership’s significance, stating, “This collaboration with Mastercard underscores our commitment to offering accessible financial solutions that adapt to our customers’ evolving needs. It further strengthens our role in fostering inclusive growth across the region.”

By harnessing Mastercard’s global network and brand recognition, this strategic alliance guarantees the safety and security of remittances, contributing to financial inclusion and the overall well-being of both migrants and beneficiaries.

This partnership builds upon a ten-year alliance between Equity Bank and Mastercard, focused on continually enhancing the payment experience for consumers across the region.

The Agribusiness Challenge Fund seeks proposals from businesses that can create significant employment opportunities for young people, with a specific focus on empowering young women, individuals with disabilities, and refugee youth.

“The agriculture sector holds immense potential for innovative SMEs in Sub-Saharan Africa to flourish,” said Mrs. Smita Sanghrajka, Engagement Partner for the Mastercard Foundation Fund for Resilience and Prosperity.

“This initiative aims to unlock dignified and fulfilling work opportunities for young people, particularly young women, those with disabilities, and refugees.”

Selected SMEs will receive grants ranging from US$500,000 to US$2.5 million, disbursed over a three-year period.

The specific amount awarded will depend on the applicant’s development stage, scalability, and business model.

Additionally, the program will provide successful applicants with tailored technical assistance aligned with the Fund’s objectives.

The Agribusiness Challenge Fund is the first of several sector-specific initiatives planned by the Mastercard Foundation.

The call for proposals is currently open and will close on November 22, 2024.

Applications will be reviewed on a rolling basis with collections every 12 weeks.

SMEs from any country are eligible to apply as long as their projects are implemented in one of the 20 focus countries in Sub-Saharan Africa, which include Kenya, Benin, Burundi, and others.

This new program leverages the achievements of the Mastercard Foundation Fund for Rural Prosperity, which ran from 2014 to 2023.

The previous initiative supported 38 businesses across 15 African countries, enabling them to reach over 5.3 million people with innovative financial products and services, promoting financial inclusion in rural areas.

This initiative, titled “FAIR Forward – Artificial Intelligence for All,” is backed by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union.

The project acknowledges the potential of AI to drive Kenya’s digital transformation and support progress towards the Sustainable Development Goals (SDGs).

This comes on the heels of a recent proposal by the Kenya Robotics and Artificial Intelligence Society, advocating for regulations around AI and robotics.

Their suggested bill includes licensing requirements and the establishment of a dedicated society to oversee ethical development, stakeholder collaboration, and compliance.

To kickstart the strategy development, a key stakeholder meeting was held on April 8th, 2024, at the Mercure Hotel in Nairobi. Representatives from industry, academia, government, and civil society participated in discussions aimed at identifying opportunities and challenges in Kenya’s AI landscape.

The focus was on ongoing initiatives, prioritizing areas for the National Strategy, and gathering feedback on the development process.

“This project signifies a major step for Kenya in harnessing AI for sustainable development and social inclusion,” stated GIZ Country Director Bodo Immink.

Stakeholders also delved into crucial aspects like research and development (R&D), data sets, collection methods, and who should be involved in crafting the strategy.

Research suggests AI’s potential to add a staggering $15.7 trillion to the global economy by 2030, with Africa reaping a possible $1.2 trillion and a 5.6% GDP boost.

While Kenya actively embraces AI, some experts point to Nigeria’s lagging infrastructure and educational limitations, highlighting the vast potential for growth on the continent.

The partnership was announced at a recent event held in Lagos, co-hosted by both organizations.

“Securing funding is a major hurdle for many African tech entrepreneurs,” said Dickson Nsofor, CEO of Kora.

“Through this partnership with Panache Ventures, we aim to bridge that gap by offering mentorship, funding guidance, and fostering collaborations that will empower groundbreaking startups to reshape Africa’s technological landscape.”

Founded in 2017, Kora simplifies cross-border transactions within Africa. Their payment gateway allows businesses in countries like Kenya, Ghana, and Nigeria to accept payments in local currencies, regardless of the customer’s location.

Kora’s solutions extend beyond basic payments, catering to industries like gaming, hospitality, and e-commerce.

Notably, their USD card-acquiring feature, launched in March 2023, enables merchants to accept payments in US dollars.

Kora’s international presence is further solidified by their UK office, established in partnership with the West Midlands Growth Company in 2022.

Prashant Matta, General Partner at Panache Ventures and lead investor for Kora, also spoke at the event.

He highlighted the vibrant entrepreneurial spirit within Africa’s tech sector and emphasized the importance of fostering collaboration and knowledge-sharing to empower innovative startups across the continent.