Key Developments

Equity Bank and Mastercard Partner to Streamline Cross-Border Money Transfers for Kenyans

Equity Bank and Mastercard have announced a strategic partnership that empowers Equity Bank customers to send money securely to 30 countries.

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.

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