NAIROBI, Kenya, Sep 18 — Equity Bank has entered into a 10-year customer business agreement with MasterCard to expand online payment solutions for customers.
CEO of Equity Group Holdings, James Mwangi, said that the partnership seeks to expand MasterCard’s payment solutions, ranging from World and World Elite cards, corporate cards, and virtual cards.
He added that customers will be able to perform a range of payments, including cross-border remittances, e-commerce payments, QR codes, and tap-on-the-phone solutions.
“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,” he said.
“Our partnership with MasterCard is both mutually beneficial timely and aligned to our customer centric commitment.”
Mwangi added that the partnership will see Equity Bank offer modern payment capabilities across all its subsidiaries in Kenya, Uganda, Rwanda, Tanzania, South Sudan, and the DRC.
“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,” Mark Elliott, Division President for Sub-Saharan Africa at MasterCard, said.
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.
