(L-R) Mark Elliott, division president for Sub Saharan Africa at Mastercard and Dr. James Mwangi, Equity group managing director and CEO, signing the partnership on innovative solutions.

 Equity Bank has signed an ambitious customer business  agreement with Mastercard. It is  aimed at giving customers a broad range of benefits from a wide selection of Mastercard payment solutions including :  world and world elite cards, corporate cards and virtual cards. In addition, customers will be able to perform a range of payments including cross border remittance, e-commerce payments,  quick response  and tap on phone solutions.

The  introduction  of  the  broad range of services and benefits  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. Additionally, Equity and Mastercard will collaborate and continuously co-create innovative payment solutions in tandem with  their  customers’  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 quick response, biometric and facial recognition.

Scaling up

The partnership will see Equity Bank offer modern payment capabilities across all its subsidiaries in Kenya, Uganda, Rwanda, Tanzania, South Sudan and DRC.  Speaking during the signing of the agreement, Dr. James Mwangi, group managing director and chief executive officer  of Equity Group  said :  “We are pleased to scale up our strategic partnership with Mastercard through the customer business agreement. 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.”

“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 Elliot, division president for Mastercard –  Sub-Saharan Africa. He added : “ By working together with Equity Group – the largest financial institution in East Africa – we are setting the pace for an evolved, affordable  and transparent payment ecosystem across Africa.”.

This collaboration is set to revolutionize the digital payments arena, empowering  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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