Mastercard and Equity Bank Collaborate for Cross-Border Transactions

Mastercard and Equity Bank Collaborate for Cross-Border Transactions

Time Stamp: April 11, 2024 9:22 AM
Source Node: 2541807

Mastercard and Equity Bank have publicized a strategic
collaboration facilitating the safe and secure transfer of funds from Equity
Bank customers to 30 countries. This announcement is a notable stride in
cross-border financial transactions within Kenya.

Remittances, deemed a pivotal economic catalyst in
Sub-Saharan Africa, reportedly amounted to $53 billion in 2022. Notably, the
Central Bank of Kenya documented foreign currency inflows totalling $5.77
billion in the same year. Such cross-border remittances are acknowledged for
their role in bolstering financial inclusion by granting individuals access to
formal financial services, thereby fostering economic growth and stability in
the region.

Mark Elliott, President for Africa at Mastercard, Source: LinkedIn

“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.

Equity Bank’s Partnership with Mastercard

Utilizing Mastercard Cross-Border Services, Equity Bank
customers will gain the ability to transfer funds through any Equity Branch
Location in Kenya. This platform purports to offer expedited transaction
processing, fortified security measures, and competitive pricing, thereby
rendering cross-border transactions accessible to consumers across Equity
Bank’s expansive market network.

A feature of this collaboration is the assurance of full
value for recipients, as no landing fees are implicated. Additionally, the
charges associated with this innovative service purportedly undercut those of
conventional international payments, rendering it a more economical and
accessible option for customers. Such a development is positioned to align with
the payments landscape, addressing customer preferences for cost-effective and
efficient international transactions.

James Mwangi (CBS), Group Managing Director and CEO of
Equity Group Holdings Plc, said: “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.”

Mastercard and Equity Bank have publicized a strategic
collaboration facilitating the safe and secure transfer of funds from Equity
Bank customers to 30 countries. This announcement is a notable stride in
cross-border financial transactions within Kenya.

Remittances, deemed a pivotal economic catalyst in
Sub-Saharan Africa, reportedly amounted to $53 billion in 2022. Notably, the
Central Bank of Kenya documented foreign currency inflows totalling $5.77
billion in the same year. Such cross-border remittances are acknowledged for
their role in bolstering financial inclusion by granting individuals access to
formal financial services, thereby fostering economic growth and stability in
the region.

Mark Elliott, President for Africa at Mastercard, Source: LinkedIn

“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.

Equity Bank’s Partnership with Mastercard

Utilizing Mastercard Cross-Border Services, Equity Bank
customers will gain the ability to transfer funds through any Equity Branch
Location in Kenya. This platform purports to offer expedited transaction
processing, fortified security measures, and competitive pricing, thereby
rendering cross-border transactions accessible to consumers across Equity
Bank’s expansive market network.

A feature of this collaboration is the assurance of full
value for recipients, as no landing fees are implicated. Additionally, the
charges associated with this innovative service purportedly undercut those of
conventional international payments, rendering it a more economical and
accessible option for customers. Such a development is positioned to align with
the payments landscape, addressing customer preferences for cost-effective and
efficient international transactions.

James Mwangi (CBS), Group Managing Director and CEO of
Equity Group Holdings Plc, said: “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.”

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