Bank led by Kenyan tycoon James Mwangi partners with MasterCard to expand cross-border payments

Equity Group Holdings, a prominent financial services conglomerate headquartered in Nairobi and led by Kenyan businessman James Mwangi, has forged a transformative 10-year customer business agreement with global financial giant MasterCard.

The collaboration aims to bolster Equity Group’s online cross-border payment solutions significantly, enhancing financial inclusivity and digital innovation across Africa.

In an official statement, Mwangi, the Kenyan banker and CEO of Equity Group, expressed his enthusiasm about the partnership. He stated: “The opportunity to co-create futuristic payment solutions for our customers across all our bank subsidiaries, is part of our strategy of delivering a ‘One Equity’ experience across all our markets. This alliance underlines our commitment to financial inclusion and digital transformation in Africa.”

Mwangi disclosed that the partnership would usher in an array of MasterCard payment solutions, including World and World Elite cards, corporate cards, and virtual cards. Customers will benefit from a wide range of payment options, encompassing cross-border remittances, e-commerce payments, QR codes, and tap-on-the-phone solutions.

Furthermore, the collaboration will see Equity Bank deploy modern payment capabilities across all its subsidiaries in Kenya, Uganda, Rwanda, Tanzania, South Sudan, and the Democratic Republic of the Congo.

Under the visionary leadership of Mwangi, Equity Group has emerged as a dominant force in East and Central Africa. The bank’s strategic expansion initiatives have successfully extended its reach into multiple countries, including Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.

Recent financial reports demonstrate Equity Group’s remarkable performance under Mwangi’s guidance. The company reported a profit of Ksh26.33 billion ($182.8 million) in the first half of its 2023 fiscal year.

This figure represents a substantial 7.8-percent increase compared to the profit of Ksh24.43 billion ($169.63 million) recorded during the same period in 2023.

Equity Group Holdings and MasterCard’s partnership is poised to reshape Africa’s financial landscape, fostering greater convenience and accessibility for customers seeking cross-border payment solutions.

 As the conglomerate continues to thrive under Mwangi’s leadership, its commitment to innovation and financial inclusion remains unwavering, promising a brighter and more connected financial future for the region.

Yusuf Abdulfatai
Yusuf Abdulfatai
Yusuf Abdulfatai Adekunle is a finance and economics reporter at Billioniares.Africa. He is also a lecturer at Kwara State Polytechnic University. Previously, he worked as an economic analyst for Bulwark Intelligence. Abdulfatai is a trained economist with an expert knowledge of business and economics. He has a master's degree in economics and holds a Chartered Management Accountant certification from the Institute of Chartered Management Accounting.

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