Equity Bank & Mastercard Team Up for Easier Cross-Border Money Transfers
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- April 12, 2024
Great news for Kenyans sending money abroad! Mastercard and Equity Bank have joined forces to revolutionize cross-border transactions. This strategic collaboration allows Equity Bank customers to send money safely and securely to 30 countries.
Why the Mastercard Partnership Matters
Remittances are a key economic driver in Sub-Saharan Africa, with a reported $53 billion flowing into the region in 2022.
In 2022, the Central Bank of Kenya reported $5.77 billion worth of foreign currency inflows. Cross-border remittances unlock financial inclusion by empowering individuals to access formal financial services, ultimately fostering economic growth and stability in the region. This partnership tackles two key challenges: accessibility and affordability.
(L-R) Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, and Dr. James Mwangi, Equity Group Managing Director and CEO, at a previous event.
Benefits of Mastercard Cross-Border Services
Through Mastercard Cross-Border Services, Equity Bank customers can send funds through any Equity Branch Location in Kenya. This platform offers a suite of benefits, including:
- Faster and More Secure: Mastercard Cross-Border Services makes Transactions quicker and with enhanced security measures.
- Wider Reach: Equity Bank’s extensive network makes sending money convenient from any branch location.
- Competitive Pricing: Forget exorbitant fees! This service boasts competitive rates, making cross-border transactions more affordable.
- No Landing Fees: Recipients receive the full amount, maximizing the impact of your hard-earned cash.
- Formalizing the System: This collaboration encourages people to shift from informal channels to a secure and regulated platform.
Dr. James Mwangi, Equity Group Managing Director and CEO (Left), engaged with Mark Elliott, Division President for Sub-Saharan Africa at Mastercard (Right).
Quotes from the Leaders on Mastercard-Equity Partnership
- Mark Elliott, Mastercard’s Division President for Sub-Saharan Africa, highlights their commitment to financial inclusion: “We’re thrilled to empower Equity Bank customers and bring millions into the digital economy.“
- Dr. James Mwangi, CEO of Equity Group Holdings Plc, echoes the focus on people: “This connects lives and empowers our customers. It fosters inclusive growth across the region.“
The Ripple Effect: This partnership goes beyond just sending money. It empowers hardworking senders, fosters financial inclusion, and contributes to the well-being of migrants and their families.
A Decade-Long Commitment:
This collaboration builds upon a 10-year partnership between Equity Bank and Mastercard. It sets a strong precedent for innovation and customer satisfaction in the financial services industry for years to come.
By making cross-border transactions faster, safer, and more affordable, this partnership is a major win for Kenyans and their loved ones abroad.
