Equity Bank and Mastercard have announced a strategic partnership aimed at expanding the range of payment solutions available to customers.
Through a new Customer Business Agreement, customers will gain access to a wide selection of Mastercard payment options, including World and World Elite cards, corporate cards, and virtual cards. These solutions will enable customers to make cross-border remittances, e-commerce payments, and utilize QR and Tap on phone technologies.
The partnership between Equity Bank and Mastercard is driven by their shared vision of empowering customers to meet their diverse payment needs across various lifestyle and business requirements.
The collaboration will also involve continuous innovation to address evolving customer demands, particularly in e-commerce, cross-border payments, and tailored value propositions. Notably, the partnership will introduce community pass solutions that leverage QR codes, biometric verification, and facial recognition to facilitate access to services for farmers and traders.
Equity Bank plans to roll out these modern payment capabilities across all its subsidiaries in Kenya, Uganda, Rwanda, Tanzania, South Sudan, and the Democratic Republic of Congo.
During the signing of the agreement, Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc, expressed his enthusiasm for the partnership, stating, “We are delighted to strengthen our strategic partnership with Mastercard through the Customer Business Agreement. Co-creating innovative payment solutions for our customers across all our bank subsidiaries is a key part of our strategy to deliver a unified experience under the ‘One Equity’ umbrella. Our partnership with Mastercard is mutually beneficial and aligned with our customer-centric approach.”
Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, emphasized the partnership’s commitment to financial inclusion and digital transformation in Africa.
This alliance underscores our dedication to promoting financial inclusion and driving digital transformation in Africa. By collaborating with Equity Group, the largest financial institution in East Africa, we are leading the way towards an advanced, affordable, and transparent payment ecosystem across the continent.
The collaboration between Equity Bank and Mastercard aims to revolutionize the digital payments landscape, empowering previously underserved small, mid-sized, and micro businesses to seamlessly and securely handle both domestic and international payments for physical and e-commerce transactions.