US-based payment technology corporation Mastercard has expanded its collaboration with Equity Bank in a bid to improve cross-border payments for the latter’s users. As part of their partnership, Mastercard and Equity Bank intend to enable the latter’s customers to send money securely to 30 countries, with the alliance supporting the enhancement of cross-border financial transactions in Kenya.

Cross-border payments provide financial inclusion by delivering access to formal financial services, while also supporting economic expansion and stability in the region. Mastercard – Equity Bank collaboration objectives Via Mastercard Cross-Border Services, Equity Bank customers are set to be able to transfer funds through any branch location in Kenya. The platform aims to provide a suite of capabilities, including increased transaction time, improved security measures, and enhanced pricing, thus working towards making cross-border transactions more accessible to consumers across Equity Bank’s market network.

According to Mastercard’s officials, the company aims to offer solutions that can deliver the choice, security, and flexibility that customers transacting from Kenya require. The alliance with Equity Bank supports Mastercard’s commitment to assisting individuals from underserved communities, bringing them into the financial and digital economy. Moreover, the partnership also focuses on ensuring increased value for recipients as the two organisations do not impose any landing fees. The charges linked to this service aim to be lower than traditional international payments, therefore being a more affordable and accessible option for customers.

Additionally, the move aligns with the evolving payment ecosystem, catering to customer demands for cost-effective and efficient international transactions. Mastercard and Equity Bank also intend to support stakeholders, including senders who are set to benefit from minimised costs and the opportunity to change remittances from informal, less regulated channels to a sure and formal platform. By utilising Mastercard’s global brand and delivery network, the alliance aims to assist the security and safety of remittances, contributing to financial inclusion and the overall well-being of migrants and beneficiaries.

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