Mastercard and Equity Bank have announced a strategic collaboration that will enable the secure transfer of funds from Equity Bank customers to 30 countries. This announcement is a notable development in cross-border financial transactions in Kenya.
Remittances, considered a pivotal economic catalyst for sub-Saharan Africa, are reported to reach $53 billion in 2022. In particular, the Central Bank of Kenya recorded foreign currency inflows totaling $5.77 billion in the same year. These cross-border remittances are recognized for their role in strengthening financial inclusion by giving individuals access to formal financial services, thereby promoting economic growth and stability in the region.
Mark Elliott, President, Africa, Mastercard, Source: LinkedIn
“Providing innovative solutions that give customers transacting in Kenya the choice, security and flexibility they need and expect is something we pride ourselves on. Mastercard is committed to making this level of payments ingenuity a reality for Equity Bank customers. “We are excited to partner with Equity Bank to provide Mastercard with the opportunity to bring millions of people from underserved communities into the financial and digital economy,” said Mark Elliott, President, Africa, Mastercard. Elliott) said.
Partnership between Equity Bank and Mastercard
Mastercard cross-border services allow Equity Bank customers to transfer funds through Equity branch locations in Kenya. The platform aims to provide consumers with access to cross-border transactions through Equity Bank’s extensive marketplace network by providing rapid transaction processing, enhanced security measures and competitive pricing.
Mastercard and Equity Bank announce a strategic collaboration that will enable Equity Bank customers to safely send funds to 30 countries. https://t.co/AlRUPSMTFS
— Uzalendo News (@UzalendoNews_KE) April 11, 2024
A special feature of this collaboration is that landing costs are not included, thus guaranteeing full value to the recipient. Additionally, the rates associated with this innovative service are said to reduce traditional international payment rates, providing customers with a more economical and accessible option. These developments are taking place in the following directions: payment
payment
Payment, one of the foundations of modern society’s medium of exchange, refers to the transfer of fiat currency or its equivalent from one party to another in exchange for goods or services. Although the players and means of exchange involved have changed dramatically over time, the payments industry has become a fixture of modern commerce. In particular, the party making the payment is called the payer, and the payee refers to the individual or entity receiving the payment. payment. most common
Payment, one of the foundations of modern society’s medium of exchange, refers to the transfer of fiat currency or its equivalent from one party to another in exchange for goods or services. Although the players and means of exchange involved have changed dramatically over time, the payments industry has become a fixture of modern commerce. In particular, the party making the payment is called the payer, and the payee refers to the individual or entity receiving the payment. payment. most common
Read these terms Meet customer preferences for cost-effective and efficient international transactions.
James Mwangi, Group Managing Director and CEO of Equity Group Holdings Plc, said: “This collaboration highlights our commitment to providing accessible financial solutions that meet the evolving needs of our customers and our commitment to driving inclusive growth across the region. “We solidify our role,” he said.
Mastercard and Equity Bank have announced a strategic collaboration that will enable the secure transfer of funds from Equity Bank customers to 30 countries. This announcement is a notable development in cross-border financial transactions in Kenya.
Remittances, considered a pivotal economic catalyst for sub-Saharan Africa, are reported to reach $53 billion in 2022. In particular, the Central Bank of Kenya recorded foreign currency inflows totaling $5.77 billion in the same year. These cross-border remittances are recognized for their role in strengthening financial inclusion by giving individuals access to formal financial services, thereby promoting economic growth and stability in the region.
Mark Elliott, President, Africa, Mastercard, Source: LinkedIn
“Providing innovative solutions that give customers transacting in Kenya the choice, security and flexibility they need and expect is something we pride ourselves on. Mastercard is committed to making this level of payments ingenuity a reality for Equity Bank customers. “We are excited to partner with Equity Bank to provide Mastercard with the opportunity to bring millions of people from underserved communities into the financial and digital economy,” said Mark Elliott, President, Africa, Mastercard. Elliott) said.
Partnership between Equity Bank and Mastercard
Mastercard cross-border services allow Equity Bank customers to transfer funds through Equity branch locations in Kenya. The platform aims to provide consumers with access to cross-border transactions through Equity Bank’s extensive marketplace network by providing rapid transaction processing, enhanced security measures and competitive pricing.
Mastercard and Equity Bank announce a strategic collaboration that will enable Equity Bank customers to safely send funds to 30 countries. https://t.co/AlRUPSMTFS
— Uzalendo News (@UzalendoNews_KE) April 11, 2024
A special feature of this collaboration is that landing costs are not included, thus guaranteeing full value to the recipient. Additionally, the rates associated with this innovative service are said to reduce traditional international payment rates, providing customers with a more economical and accessible option. These developments are taking place in the following directions: payment
payment
Payment, one of the foundations of modern society’s medium of exchange, refers to the transfer of fiat currency or its equivalent from one party to another in exchange for goods or services. Although the players and means of exchange involved have changed dramatically over time, the payments industry has become a fixture of modern commerce. In particular, the party making the payment is called the payer, and the payee refers to the individual or entity receiving the payment. payment. most common
Payment, one of the foundations of modern society’s medium of exchange, refers to the transfer of fiat currency or its equivalent from one party to another in exchange for goods or services. Although the players and means of exchange involved have changed dramatically over time, the payments industry has become a fixture of modern commerce. In particular, the party making the payment is called the payer, and the payee refers to the individual or entity receiving the payment. payment. most common
Read these terms Meet customer preferences for cost-effective and efficient international transactions.
James Mwangi, Group Managing Director and CEO of Equity Group Holdings Plc, said: “This collaboration highlights our commitment to providing accessible financial solutions that meet the evolving needs of our customers and our commitment to driving inclusive growth across the region. “We solidify our role,” he said.