Equity Bank and Mastercard sign pact to ease transactions

Equity Group Holdings Chief Executive James Mwangi. [Boniface Okendo, Standard]

Equity Bank has signed an agreement with Mastercard, a payment solution provider, that will enable its customers to transact with ease across the continent.

The customer business agreement will provide the bank's clients with a broad range of benefits from a wide selection of Mastercard payment solutions ranging from World and World Elite cards, corporate cards and virtual cards.

Equity Bank customers will also be able to perform cross-border remittance, e-commerce payments, QR and Tap on phone solutions through Mastercard solutions.

Equity Group Holdings Chief Executive James Mwangi said the agreement was strategic.

“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,” he said during the signing of the agreement in Nairobi.

Customer-centric commitment

Mr Mwangi said Equity Bank’s partnership with Mastercard is mutually beneficial and aligned with the bank’s customer-centric commitment. 

“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,” he said.

Mastercard Division President for Sub-Saharan Africa Mark Elliott said the alliance underlined Mastercard’s 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,” he said.

Mr Elliot said that by working together with Equity Group – the largest financial institution in East Africa – Mastercard was setting the pace for an evolved, affordable, and transparent payment ecosystem across Africa.

The agreement will also see Equity and Mastercard 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.