Kenya: Mastercard and Equity Bank collaborate to enhance cross-border money transfers

Mastercard and Equity Bank have unveiled a strategic partnership aimed at facilitating safe and secure money transfers for Equity Bank customers. Through this collaboration, customers will gain the capability to send funds to 30 countries, ensuring efficient and reliable cross-border transactions.

Remittances play a pivotal role in driving economic activity across Africa, with a substantial $53 billion recorded as flowing into the region in 2022. This influx of funds serves as a vital lifeline for many households and communities, contributing significantly to the continent’s economic growth and development.

In Kenya, the Central Bank’s data reveals a notable figure of Ksh. 750 billion ($5.77 billion) in foreign currency inflows for the year 2022.

Through Mastercard Cross-Border Services, Equity Bank customers will be able to send funds through any Equity Branch Location in Kenya.

“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,” said Mark Elliott, President for Africa at Mastercard.

This collaboration ensures value for recipients as there are no landing fees. The charges linked to this service are significantly lower than traditional international payments.

Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, while speaking about the strategic alliance 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.”