Nairobi — Equity Bank has expanded its money transfer services to over 30 countries through a new deal with Mastercard, a global payment platform.

Remittances are vital in sub-Saharan Africa, with a reported $53 billion flowing into the region in 2022.

In Kenya, the Central Bank of Kenya reported $5.77 billion worth of foreign currency inflows in 2022.

The collaboration aims to promote financial inclusion by providing faster, more secure, and more cost-effective cross-border transactions through Mastercard cross-border services.

"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," said Mark Elliott, Division President for Sub-Saharan Africa at Mastercard.

"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," Elliott added.

The new partnership offers cost-effective international transactions with no landing fees, making it accessible and cost-effective for customers, aligning with the evolving payment landscape.

Stakeholders, including senders, will benefit from reduced costs and secure remittances through Mastercard's global brand and delivery network.

"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," James Mwangi, Group Managing Director and CEO of Equity Group Holdings Plc, said.