The partnership will see Equity Bank offer modern payment capabilities across all its
subsidiaries in Kenya, Uganda, Rwanda, Tanzania, South Sudan and DRC.
Equity Bank has signed an ambitious Customer
Business Agreement with Mastercard, aimed at giving customers 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. In addition, customers will be able to perform a range
of payments including cross border remittance, e-commerce payments, QR and Tap on phone
solutions.
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.
Additionally, 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.
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 (CBS), Group Managing
Director and CEO of Equity Group Holdings Plc 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. 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.”
“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. 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,” 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.
