Zepz and Equity Group Renew Partnership to Boost Remittances
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- July 15, 2024
Zepz, a global leader in digital money transfers, and Equity Group, a prominent African financial services provider, have renewed their long-standing partnership. This collaboration aims to enhance cross-border money transfers for customers in Kenya, Tanzania, Uganda, and soon, the Democratic Republic of Congo, Rwanda, and South Sudan.
Expanding Financial Access
The partnership leverages Zepz’s robust digital platform and Equity Group’s extensive network to provide secure, convenient, and affordable remittance services. By integrating Zepz’s APIs and Equity’s digital and physical payout networks, the two companies aim to process one million transactions per month.
Driving Financial Inclusion
Both companies expressed optimism about the partnership’s potential to drive financial inclusion in the region. Equity Group CEO, Dr. James Mwangi, highlighted the alignment between the two companies’ visions for innovative payment solutions. Zepz CEO, Mark Lenhard, emphasized the partnership’s role in expanding market share and reaching new customers.
Dr. James Mwangi, Managing Director and CEO, Equity Group Holdings said,
“This partnership, rooted in deliberate intent and purpose, signifies our shared strategic vision to pioneer innovative solutions in the payments space for the African continent. By harnessing the unique competencies and capabilities of both institutions, we aim to revolutionize payment solutions across the continent as a support to achieving the Africa Recovery and Resilience Plan. This partnership will enable us to facilitate trade linkages across the region by enabling person-to-person, person-to-government, person-to-business, and business-to-business payments.”
Zepz CEO, Mark Lenhard expressed optimism on the potential of the partnership to drive the uptake of its twin remittance services in the region. He said,
“We have a resolute conviction in the transformative potential this partnership holds for our customers transferring money into and across the Africa region. We look forward to leveraging Equity’s position in Kenya and throughout the East African Community to grow our market share and further expand into new countries with Equity as it continues to grow its footprint across Africa.”
Dr. Mwangi further added,
“As our operational region evolves into the continent’s most integrated area, this partnership couldn’t have come at a better time. We envision it as a catalyst for further integration and reliable services, particularly enhancing cross-border trade by leveraging the synergies between Equity and the Africa Free Continental Trade Area.”
Overcoming Challenges
While the partnership holds immense promise, the African market presents unique challenges. The prevalence of cash-based transactions and fragmented financial systems can hinder the adoption of digital solutions. However, Minka is optimistic about the opportunity to bridge these gaps through collaboration with local stakeholders and investments in financial literacy.
A Brighter Future
The renewed partnership between Zepz and Equity Group signifies a significant step towards improving cross-border money transfers in Africa. By combining their strengths, the two companies are poised to drive financial inclusion and economic growth in the region.
Zepz’s digital platform ensures secure and swift delivery of funds, while their broader network through WorldRemit and Sendwave offers senders greater flexibility. Customers can choose to receive funds directly into their Equity Bank mobile wallets or bank accounts and benefit from competitive foreign exchange rates.
This collaboration is expected to facilitate trade, support diaspora communities, and contribute to the overall development of the African continent.
