Mastercard and Equity Bank boost Kenya’s remittance landscape with innovative cross-border transfer solution

Mastercard and Equity Bank boost Kenya's remittance landscape with innovative cross-border transfer solution

Mastercard and Equity Bank have unveiled a strategic collaboration that will revolutionise the way money is transferred across borders.

The partnership aims to enhance cross-border financial transactions in Kenya, enabling Equity Bank customers to send money safely and securely to 30 different countries. This initiative is set to transform how Kenyans living abroad send money home, ensuring that these remittances are more accessible, faster, and more secure, thereby promoting financial inclusion.

Mastercard, through its Cross-Border Services, leverages advanced technology to facilitate swift and secure financial transactions across the globe. This service allows Equity Bank’s customers to send funds from any of the bank’s branches in Kenya, integrating features like enhanced security, competitive pricing, and faster transaction speeds. On the other hand, Equity Bank uses its extensive network and deep market penetration to ensure that financial services are accessible to all, particularly in underserved regions.

The collaboration between Mastercard and Equity Bank not only simplifies the process of sending money across borders but also makes it more cost-effective. By eliminating landing fees and reducing transaction charges, the partnership ensures that customers get full value for their money, which is a significant improvement over traditional international payment methods.

The initiative also marks a milestone in a decade-long relationship between the two entities, aiming to elevate the payment experience for consumers and setting new standards for customer satisfaction in the financial services industry. This partnership underscores a shared commitment to harnessing financial technology for the betterment of society, particularly in enhancing the economic stability of regions through improved access to financial services.

Mastercard division president for Sub-Saharan Africa 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

Equity Group Holdings Plc group managing director and CEO Dr. James Mwangi (CBS) said, “We are excited to launch this partnership 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.”

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