Sub-Saharan Africa depends heavily on remittances, which are expected to bring in $53 billion by 2022. The Central Bank of Kenya recorded foreign exchange inflows of $5.77 billion in Kenya in 2022. Through enabling people to access formal financial services, cross-border remittances promote financial inclusion and ultimately promote stability and economic progress in the region.

Equity Bank customers will be able to transmit money through any Equity Branch location in Kenya by using Mastercard Cross-Border Services. Customers using Equity Bank's wide market network can now transact cross-border thanks to this platform's array of advantages, which include quicker transaction times, improved security, and competitive pricing.

We take pride in offering cutting-edge solutions that meet the needs and expectations of consumers transacting from Kenya in terms of choice, security, and flexibility. Mastercard President for Africa Mark Elliott stated, "Mastercard is thrilled to work with Equity Bank to make this level of payment ingenuity a reality for Equity Bank customers, giving Mastercard an opportunity to bring millions of people from underserved communities into the financial and digital economy."

Because there are no landing costs, this partnership also guarantees receivers receive their full value. Customers will find this novel solution to be more accessible and affordable than standard foreign payments because the fees associated with it are far reduced.This advancement is in line with how the payments industry is changing and meets consumer needs for quick and affordable international transactions.

Speaking on the strategic partnership, Equity Group Holdings Plc's Group Managing Director and CEO, Dr. James Mwangi (CBS), stated, "We are thrilled to launch this initiative with Mastercard, which stands as a beacon of progress in financial services." In addition to making money transfers easier, this also strengthens relationships and gives our clients greater influence. This partnership strengthens our dedication to offering easily accessible financial solutions that cater to our clients' changing needs and our position as a leading advocate for inclusive growth in the area.

This program has the potential to significantly affect a number of parties, including diligent senders who stand to gain from lower expenses and the chance to move their remittances from unofficial, less regulated routes to an official, secure platform. This strategic partnership guarantees the safety and security of remittances by utilizing Mastercard's worldwide brand and delivery network, thereby promoting financial inclusion and the general welfare of migrants and recipients.

This partnership is a continuation of Equity Bank and Mastercard's ten-year engagement, which aims to improve consumer payment experiences throughout the region and establish new standards for customer happiness and innovation in the financial services industry.