hivetech.africa/feed
Mastercard and Equity Bank have partnered to enable Equity Bank Customers to securely send money to 30 countries.
The partnership not only marks a significant milestone but also promises to reshape the landscape of international remittances in the region.
Remittances play a vital role in Sub-Saharan Africa’s economy, with a staggering $53 billion flowing into the region in 2022 alone. Kenya, in particular, saw foreign currency inflows totaling $5.77 billion in the same year, showcasing the importance of cross-border transactions in driving economic growth and financial stability.
Through the Mastercard Cross-Border Services platform, Equity Bank customers can now seamlessly send funds from any Equity Branch Location in Kenya. This innovative solution offers faster transaction times, robust security measures, and competitive pricing, ensuring accessibility for consumers across Equity Bank’s vast market network.
Mark Elliott, President for Africa at Mastercard, expressed enthusiasm about the collaboration, emphasizing the focus on delivering choice, security, and flexibility to Kenyan customers. This partnership not only brings cutting-edge payment solutions to Equity Bank customers but also paves the way for millions of individuals in underserved communities to access the digital economy.
One of the key highlights of this collaboration is the elimination of landing fees, making the service more cost-effective than traditional international payments. Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, lauded the partnership with Mastercard as a significant step towards enhancing financial services and empowering customers through seamless money transfers.
By leveraging Mastercard’s global reach and expertise, this alliance ensures the safety and security of remittances, catering to the evolving needs of customers and promoting financial inclusion across the region. With reduced costs and enhanced security, hardworking senders now have the opportunity to transition from informal channels to a formal, reliable platform.
This strategic collaboration between Mastercard and Equity Bank represents a decade-long commitment to enhancing the payment experience for consumers in the region. By setting new standards for innovation and customer satisfaction in the financial services sector, this initiative is poised to drive inclusive growth and transform the way individuals engage in cross-border transactions.
