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MasterCard and Equity Bank partner to facilitate cross-border remittance in Kenya

Equity Bank customers in Kenya can now send money to 30 countries through MasterCard Remittance Services.
MasterCard and Equity Bank Kenya signing a partnership deal

The Equity Bank of Kenya has announced a partnership with MasterCard Cross-border Services. This deal is aimed at enabling the bank customers to transfer money safely and securely from Kenya to over 30 countries around the globe - precisely where MasterCard operates and have partners, making cross-border transactions accessible to consumers within Equity Bank’s extensive market network.

Recall that The Ledger Bloc reported in February 26, 2024 about the collaboration between Equity Bank and Western Union, which allows Kenyans using Equity Mobile and Equity Online to send and receive international money transfer funds to/from over 200 nations and over 500,000 agent worldwide.

Now, Equity Bank is partnering with MasterCard to bolster cross-border remittance from Kenya to over 30 nations. The partnership with MasterCard is part of Equity Bank dedication to improve cross-border financial transactions in Kenya.

In Africa, Remittances play a crucial role in driving Economy. In 2022, a substantial $53 billion was recorded in the continent according to World Bank. In Kenya, the Central Bank of Kenya (CBK) recorded foreign currency inflows amounting to $5.77 billion during the same year.

These cross-border remittances are instrumental in promoting financial inclusion by providing individuals access to formal financial services, thereby contributing to the region's economic development and stability.

The Deal: Equity Bank and MasterCard

Through Mastercard Cross-Border Services, Equity Bank customers gain the ability to send funds from any Equity branches located in Kenya. This partnership offers a variety of benefits, including quicker transaction processing, heightened security measures, and competitive pricing.

"We pride ourselves on providing innovative solutions that cater to the choice, security, and flexibility that customers transacting from Kenya desire and anticipate," Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, expressed his enthusiasm about the collaboration with Equity Bank.

This collaboration guarantees recipients receive the full value of their transfers without incurring landing fees. Moreover, the associated charges for this innovative service are significantly lower compared to traditional international payments, rendering it a more affordable and accessible option for customers.

The deal is also poised to profoundly impact various stakeholders, including social workers who stand to benefit from reduced costs and the opportunity to transition remittances from informal, less regulated channels to a secure and formal platform.

Leveraging Mastercard's global brand and delivery network ensures the safety and security of remittances, thereby contributing to financial inclusion and the overall well-being of migrants and beneficiaries.

MasterCard and Equity Bank App

MasterCard offers MasterCard Nearby Mobile banking app while Equity Bank have Equity Mobile. These apps are available for download on the Google Play Store and Apple store.

With MasterCard Nearby app, you can manage all your Finances and with Equity Mobile, you can carryout any remittance services instead of visiting Equity Branches in Kenya.

Equity Bank also offers online banking known as Equity Online. You can manage your banking experience via this online portal anywhere, even if you're outside Kenya.

However, it's never to seen whether MasterCard and Equity Bank will combine their leveraged financial technology to build one banking app for their partnership.

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About the Author

With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy

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