Lubao FM News 
In a significant development within the realm of cross-border financial transactions, a strategic collaboration has been unveiled between MasterCard and Equity Bank. This partnership allows Equity Bank customers to securely send money to 30 countries, marking a pivotal milestone in Kenya’s financial landscape. Wielding considerable economic influence, remittances have funneled $53 billion into Sub-Saharan Africa in 2022, with Kenya specifically reporting foreign currency inflows of $5.77 billion according to the Central Bank of Kenya. The collaboration holds the potential to unlock financial inclusion for individuals, providing access to formal financial services and bolstering economic growth and stability in the region.
Through Mastercard’s Cross-Border Services, Equity Bank customers can initiate fund transfers at any Equity Branch Location in Kenya. This innovative platform promises faster transaction times, stringent security protocols, and competitive pricing, making cross-border transactions seamless for consumers across Equity Bank’s expansive market network.
Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, conveyed optimism about the collaboration, emphasizing the provision of innovative solutions that cater to the evolving needs of Kenyan customers. The partnership reflects Mastercard’s commitment to empowering millions of individuals from underserved communities to partake in the financial and digital economy.
Noteworthy is the absence of landing fees in this collaboration, ensuring that recipients receive the full value of the transferred funds. Moreover, the charges associated with this service are notably lower than traditional international payments, rendering it a cost-effective option for customers seeking efficient cross-border transactions that align with the shifting payments landscape.
Dr. James Mwangi (CBS), Group Managing Director, and CEO of Equity Group Holdings Plc, voiced enthusiasm about the collaboration with Mastercard, heralded as a beacon of progress in financial services. This alliance is poised to facilitate seamless money transfers, fostering interconnectedness and empowering customers. The partnership exemplifies a dedication to providing inclusive financial solutions that address the evolving needs of customers, thereby solidifying the role of both entities in promoting inclusive growth across the region.
Anticipated to have a profound impact on various stakeholders, this collaboration is expected to benefit diligent senders by reducing costs and providing a secure platform to facilitate remittances from informal channels to regulated environments. Leveraging Mastercard’s global brand and expansive delivery network instills confidence in the safety and security of remittances, contributing to financial inclusion and the overall welfare of migrants and their beneficiaries.
As part of a decade-long partnership between Equity Bank and Mastercard, this collaboration aims to elevate the payment experience for consumers across the region, setting a precedent for innovation and customer satisfaction in the financial services sector.
