Equity Bank and Mastercard have inked a ten-year agreement aimed at transforming the payment experience for customers across East Africa. The partnership, announced on September 18, 2023, will introduce a wide array of Mastercard payment solutions, including World and World Elite cards, corporate cards, and virtual cards.
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The collaboration marks a forward step for the digital payments’ hoping to boost small, mid-sized, and micro businesses to seamlessly and securely handle both domestic and international payments from physical and e-commerce transactions.
The agreement will see Equity Bank offer modern payment capabilities across all its subsidiaries in Kenya, Uganda, Rwanda, Tanzania, South Sudan, and DRC.
The partnership will offer some novel solutions such as Equity’s community pass solutions which will allow farmers and traders to access services via biometric and facial recognition.
Dr. James Mwangi (CBS), Group Managing Director and CEO of Equity Group Holdings Plc said, “Our partnership with Mastercard is both mutually beneficial timely and aligned to our customer-centric commitment.”
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Mark Elliott, Division President for Sub-Saharan Africa at Mastercard 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 partnership is part of Mastercard’s focus on fintech and payments on the African continent, a strategy it has followed since 2013.
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