Equity Bank and Mastercard

Equity and Mastercard partner to grow product development and innovations in the region

Innovative solutions for various customer segments to be introduced include e-commerce payments, cross border payments, community pass for farmers and small businesses, QR and tap on phone.

Equity Bank has signed a Customer Business Agreement with Mastercard in an effort to give customers a broad range of payment solutions benefits ranging from World and World Elite cards, corporate cards and virtual cards.

Customers will also be able to perform a range of payments including cross border remittance, e-commerce payments, QR and Tap on phone solutions.

Additionally, the broad range of services and benefits that customers will enjoy has been informed by the partners’ shared vision of empowering customers to meet their payment needs across a broad spectrum of lifestyle and business requirements.

“The opportunity to co-create futuristic payment solutions for our customers across all our bank subsidiaries is part of our strategy of delivering a ‘one Equity’ experience across all our markets.  Equity has become the preferred trade and investment partner in the region, and this makes our value proposition in payments and remittances a central part of our offerings. Our partnership with Mastercard is both mutually beneficial timely and aligned to our customer centric commitment,” Dr. James Mwangi, Group Managing Director and CEO of Equity Group Holdings, said during the signing of the agreement.

(L-R) Mark Elliott, Division President for Sub Saharan Africa at Mastercard and Dr. James Mwangi, Equity Group Managing Director and CEO, sign a 10-year partnership agreement that is expected to deliver innovative solutions in the region.

Equity and Mastercard will collaborate and continuously co-create innovative payment solutions in tandem with customer changing needs especially in e-commerce, cross border payments and segment-based value propositions. Other innovations will include community pass solutions that will enable farmers and traders to access services via different identification methods such as QR, biometric and facial recognition.

As part of the partnership, the lender will offer modern payment capabilities across all its subsidiaries in Kenya, Uganda, Rwanda, Tanzania, South Sudan and DRC.

“This alliance underlines our commitment to financial inclusion and digital transformation in Africa. Over the years, we have been working on developing, incubating, and scaling simple and locally relevant digital solutions, building stronger payment ecosystems, and extending acceptance infrastructure to small, mid-sized and micro businesses,” said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.

This collaboration is set to revolutionize the digital payments arena, empowering previously marginalized small, mid-sized, and micro businesses to seamlessly and securely handle both domestic and international payments from physical and e-commerce transactions.

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