Equity Bank has signed a Customer Business Agreement with the global payment platform Mastercard to provide the lender’s customers with a broad range of payment options.
The 10-year deal will see Equity Bank customers enjoy benefits such as cross-border remittance, e-commerce payments, QR and Tap on phone options.
Moreover, they will also enjoy different payment solutions that Mastercard offers such as World Elite cards, corporate cards and virtual cards.
Speaking during the signing of the deal, Group Managing Director (MD) and Chief Executive Officer (CEO) of Equity Group James Mwangi noted that the deal is timely and in sync with the lenders’s commitment to being customer-centered.
“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,” said Mwangi.
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On his part, Mastercard Division President for Sub-Saharan Africa Mark Elliott noted that the agreement underpins Mastercard’s commitment to financial inclusion and digital transformation in Africa even as it builds a more robust payment infrastructure that also targets micro, small and medium enterprises (MSMEs) in the region.
“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,” said Elliott.
The agreement targets 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.