MasterCard and Equity Bank partner to enable cross-border remittances in Kenya

MasterCard, the renowned global payments company, has entered into a partnership with Kenya’s Equity Bank to facilitate international remittance services to a network of 30 countries. This collaboration is set to benefit Equity Bank’s customers by providing them with the ability to send money abroad directly through MasterCard’s cross-border services available at all Equity Bank branches within Kenya.

The partnership boasts several key benefits provided by the MasterCard platform, including accelerated transaction times which significantly reduce the wait period for cross-border money transfers. Additionally, the competitive pricing structure of these services is designed to make international monetary transactions more affordable for the average consumer.

Central to this collaboration is the utilization of MasterCard’s expansive global brand and its well-established distribution network. This strategic alliance aims to reinforce the security of remittance transactions, thereby enhancing the safety of funds transferred across borders. This aspect is crucial for promoting financial inclusion and supporting the welfare of both those sending and those receiving the funds, including migrants and their families.

Mark Elliott, MasterCard’s President for Africa, expressed the company’s dedication to innovating and delivering payment solutions tailored to the specific requirements and expectations of Kenyan customers. He emphasized MasterCard’s pride in offering secure, flexible, and diverse payment options as part of their collaboration with Equity Bank, reflecting a commitment to bring advanced payment solutions to fruition for their customers.

Dr. James Mwangi, the Group Managing Director and CEO of Equity Group Holdings, highlighted the alignment of this partnership with Equity Bank’s dedication to providing accessible financial services. By teaming up with MasterCard, Equity Bank is set to enhance its offerings to meet the dynamic financial needs of its customers. This collaboration, according to Dr. Mwangi, is a testament to Equity Bank’s commitment to driving inclusive economic growth throughout the region.