Mastercard and Equity Bank have announced a strategic collaboration, enabling Equity Bank customers to send money safely to 30 countries. This marks a significant milestone for cross-border financial transactions in Kenya.
Remittances are vital in Sub-Saharan Africa, with a reported $53 billion flowing into the region in 2022. In Kenya, the Central Bank reported $5.77 billion in foreign currency inflows in 2022, unlocking financial inclusion and fostering economic growth and stability in the region.

Through Mastercard Cross-Border Services, Equity Bank customers can send funds via any branch location in Kenya, offering faster transaction times, enhanced security, and competitive pricing.
 
Mark Elliott, President for Africa at Mastercard, emphasized the importance of innovative solutions, providing choice, security, and flexibility to Kenyan customers.
“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,” he said.
Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, while speaking about the strategic alliance said, “We are excited to launch this initiative with Mastercard, which stands as a beacon of progress in financial services. This facilitates money transfers and more importantly connects lives and empowers our customers. 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.”
This collaboration ensures reduced costs and secure transactions, aligning with customer demands for efficient international payments. Leveraging Mastercard’s global network, the alliance emphasizes safety, contributing to financial inclusion and the well-being of migrants and beneficiaries.The post Seamless Cross-Border Transfers: Fintech Alliance first appeared on IT News Africa | Business Technology, Telecoms and Startup News.