Equity Bank, a leading Kenyan bank, has announced a significant expansion of its international money transfer services, reaching over 30 countries through a new collaboration with Mastercard, a global payments giant.

This strategic partnership aims to revolutionize cross-border transactions in Africa, prioritizing speed, security, and affordability.

"Mastercard and Equity Bank have entered into a strategic collaboration that will enable Equity Bank customers to send money safely and securely to 30 countries," Equity announced.

"Through Mastercard Cross-Border Services, Equity Bank customers will be able to send funds through any Equity Branch Location in Kenya."

The move comes amidst a growing need for efficient remittance services in sub-Saharan Africa.

According to reports, the region received a staggering $53 billion in remittances in 2022 alone.

In Kenya, the Central Bank of Kenya (CBK) documented an inflow of $5.77 billion in foreign currency during the same period, highlighting the crucial role remittances play in the nation's economy.

Equity Bank and Mastercard aim to leverage this collaboration to promote financial inclusion.

By utilizing Mastercard's cross-border services, the partnership promises faster, more secure, and cost-effective international transactions.

Expressing his enthusiasm, Mark Elliott, Division President for Sub-Saharan Africa at Mastercard, stated, "Providing innovative solutions that deliver the choice, security, and flexibility that customers transacting from Kenya need and expect is a factor we take pride in."

He further elaborated, "Mastercard is delighted to collaborate 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."

The partnership delivers a compelling value proposition for customers.

The new service eliminates landing fees, making international transactions significantly more accessible and cost-effective.

This aligns perfectly with the evolving landscape of digital payments in Africa. Stakeholders, particularly those sending money internationally, will benefit from reduced costs and the enhanced security offered by Mastercard's global network.

James Mwangi, Group Managing Director and CEO of Equity Group Holdings Plc, lauded the collaboration.

"This collaboration underscores our commitment to providing accessible financial solutions that meet the evolving needs of our customers and solidifies our role in fostering inclusive growth across the region," he remarked.

With this strategic partnership, Equity Bank and Mastercard are poised to empower millions in Africa by facilitating secure and affordable cross-border transactions, paving the way for enhanced financial inclusion within the continent.