Equity Bank has joined forces with the global money transfer platform Zepz, aiming to facilitate one million transactions monthly and achieve over USD 1.0 billion in diaspora remittances within the next three years.
Previously known as WorldRemit, Zepz will enable its clients abroad to send money quickly to Equity Bank accounts and mobile wallets across Kenya, Tanzania, and Uganda. The initial partnership, which began in 2018, offered customers reliable exchange rates for money transfers. The renewed collaboration will enhance customer experience by adding flexibility and convenience, and will extend benefits to new Equity Bank markets, including Rwanda, the Democratic Republic of Congo (DRC), and South Sudan.
“This partnership is driven by our shared strategic vision to lead innovative payment solutions across the African continent,” stated Equity Group CEO, James Mwangi.
Founded in 2010, Zepz has grown to be one of the largest and most reliable platforms for remittances globally. According to the World Bank, remittance inflows to Sub-Saharan Africa reached USD 54 billion last year. With remittances becoming increasingly significant in the region, both banks and fintech companies are vying for a share of the market.
“By combining the unique strengths of both institutions, we aim to revolutionize payment solutions across the continent and support the Africa Recovery and Resilience Plan,” Mwangi added.
Equity Bank’s regional growth makes it an ideal partner for Zepz’s ongoing expansion in the remittance sector. In 2021, Zepz secured nearly USD 292.0 million in Series E funding, a remarkable achievement for an established company.
This partnership aligns with Equity Bank’s goal of being a key financial hub for cross-border traders.
“We firmly believe in the transformative potential this partnership holds for our customers transferring funds within and across the African region. We are eager to leverage Equity’s strong presence in Kenya and the East African Community to increase our market share and expand into new countries,” said Zepz CEO, Mark Lenhard.
