Mastercard and Equity Bank Collaborate to Facilitate Cross-Border Transactions in 30 Countries

Mastercard and Equity Bank have announced a collaboration that enables Equity Bank clients to easily and securely transfer money to 30 countries marking an advancement, in cross border financial transactions in Kenya. This partnership signifies a milestone for the bank in improving the efficiency and accessibility of international remittances.

Quick Summary:

  • Collaboration: Mastercard and Equity Bank collaborate to enable cross-border transactions to 30 countries.
  • Mastercard Cross-Border Services: Equity Bank customers can send funds through any Equity branch location in Kenya, benefiting from faster transaction times, enhanced security measures, and competitive pricing.
  • Impact on Financial Inclusion: The partnership aims to shift remittances from informal channels to a secure and formal platform, contributing to financial inclusion and the overall well-being of migrants and beneficiaries.

Revolutionizing Cross-Border Remittances

As we all know, cross-border remittances especially in foeign currency are just as important to the economy here in the sub-Saharan Africa. It is estimated that about $53 billion in foreign remittances was deposited in the region in the year 2022. Here in Kenya, foreign currency inflows totaled $5.77 billion within the same year and therefore the latest strategic partnership between Mastercard and Equity Bank will aim to facilitate a smoother, safer, and more cost-effective international remittances, ultimately empowering individuals while fostering economic growth and stability in the region.

Through Mastercard Cross-Border Services, Equity Bank customers can expect to send funds from any of the Equity branch locations in Kenya. The platform offers several benefits including faster transaction times, enhanced security measures, as well as competitive pricing. This makes cross-border transactions accessible to consumers across Equity Bank’s extensive market network.

Enhancing Financial Inclusion and Security

The partnership is in line with the changing landscape of payments offering customers credible and efficient transactions. It ensures that recipients receive their value without any landing fees which keeps service charges lower than international payment options.

Mark Elliott, who serves as Mastercard’s President for Africa expressed his satisfaction with the collaboration. He stressed the importance of offering solutions that give customers options, security and flexibility while conducting transactions from Kenya.

On the hand Dr. James Mwangi, the Group MD and CEO of Equity Group emphasized the importance of this partnership as an advancement in financial services. He referred to it as a beacon of progress in the industry. This collaboration showcases Equity Banks dedication to providing solutions that cater to the changing needs of its customers and solidifying its position, in promoting inclusive growth throughout the region.

Potential Impact

Looking at the deal between Mastercard and Equity Bank, it’s safe to say that customers will most likely have a profound impact touching on senders who will benefit from reduced costs and the opportunity to transition remittances from informal, less regulated channels to secure and formal platforms.

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