The Mastercard and Equity Bank partnership is a major step forward in the financial service industry of Sub-Saharan Africa, focusing on the critical area of cross-border payments. As remittances play a crucial role in the economies of many African nations, this alliance is tailored to meet the demand for more streamlined and economical remittance processes. With the remittance influx to Sub-Saharan Africa totaling $53 billion in 2022 and Kenya receiving $5.77 billion, its impact on economic wellbeing is substantial.By incorporating Mastercard Cross-Border Services into their offerings, Equity Bank is poised to provide its customers with faster transactions, enhanced security, and lower transfer costs. This collaboration is not only expected to rectify the current transfer inefficiencies but also aims to revolutionize the remittance landscape by promoting affordability and ease of use. Consequently, this partnership is anticipated to significantly boost remittance volumes to the region, improving the flow of transactions and minimizing the cost to consumers.
