Digital remittance powerhouse Zepz has renewed its partnership with Equity Group, one of the continent’s leading financial institutions. This strategic alliance aims to process an ambitious one million transactions per month, potentially reshaping the remittance market in East Africa and beyond.
The collaboration, which brings together Zepz’s WorldRemit and Sendwave brands with Equity Group’s extensive banking network, promises to deliver seamless, secure, and cost-effective money transfer services to millions of customers. The partnership will initially focus on Kenya, Tanzania, and Uganda, with plans to expand into the Democratic Republic of Congo, Rwanda, and South Sudan.
Dr. James Mwangi, CEO of Equity Group Holdings, hailed the partnership as a pivotal step towards realizing the Africa Recovery and Resilience Plan. “This alliance represents a convergence of our strategic visions to pioneer innovative payment solutions for the African continent,” Dr. Mwangi stated, emphasizing the potential to revolutionize cross-border trade and financial integration.
The renewed agreement leverages cutting-edge API technology from Zepz alongside Equity Group’s robust digital and physical networks. This synergy is expected to significantly enhance customer experience, allowing for direct fund transfers to mobile wallets and bank accounts across Equity’s six banking subsidiaries.
Zepz CEO Mark Lenhard expressed confidence in the partnership’s potential to drive market growth. “We are poised to capitalize on Equity’s strong presence in Kenya and throughout the East African Community,” Lenhard remarked, hinting at ambitious expansion plans across the continent.
This collaboration comes at a crucial time as the region evolves into Africa’s most integrated economic area. It aligns with the objectives of the African Continental Free Trade Area (AfCFTA), potentially catalyzing further economic integration and reliable financial services across borders.
As digital remittances continue to play a vital role in Africa’s economic development, this partnership between Zepz and Equity Group could mark a significant milestone in the continent’s financial technology landscape, promising to deliver faster, more accessible, and more affordable money transfer solutions to millions of Africans.
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