NAIROBI, Kenya--(BUSINESS WIRE)--
MasterCard and Equity Bank of Kenya today announced an agreement at a signing ceremony in Nairobi to issue five-million MasterCard-branded debit and prepaid cards, over the next 18 months. This program empowers African consumers to use electronic payments which provide a safe and secure way to pay versus cash and other forms of payment.
As a result of the partnership, MasterCard debit and prepaid cards with chip-enabled technology will be issued, first into the Kenyan market and then extended into Uganda, Tanzania, Rwanda, and South Sudan, signaling the largest rollout of EMV payment cards in sub-Saharan Africa to date. The cards will also introduce MasterCard®PayPass™ with the first ever installation of PayPass enabled point of sale terminals across the region.
The suite of products that will be made available in the East African region will include Mobile Point of Sale (MPOS) technology which allows merchants to receive payments via low cost add-ons linked to secure applications on their mobile devices (such as a smart phone or tablet). This technology will extend the security and convenience of electronic payments to merchants and their customers who previously depended on cash to transact.
“MasterCard is committed to extending financial inclusion across East Africa and the rest of the continent, introducing the unbanked and under-banked to the benefits of electronic payments”, said Ajay Banga, MasterCard president and CEO. “Our vision of a world beyond cash is only achievable through collaborations with industry stakeholders, such as the Equity Bank partnership. Working together with governments, financial institutions, merchants and businesses, we will be able to help modernize the payment industry in East Africa,” Banga concluded.
According to the Finscope Rwanda 2012 survey, financial inclusion in Kenya, Uganda, Tanzania and Rwanda stands at 33%, 30%, 56% and 28.1% respectively, indicating the opportunity for both Equity Bank and MasterCard to extend financial inclusion to those previously not exposed to the benefits of electronic payment solutions.
Dr. James Mwangi, CEO and Managing Director of Equity Bank commented, “We aim to support East African governments in achieving their goals for greater financial inclusion. The partnership with MasterCard will help to solidify our position as one of the leading banks in East Africa. Working with various Central Banks across the region is essential to understanding these goals and designing tailor made solutions for each market. The Central Bank of Kenya (CBK) for example estimates that if financial institutions in the region reached the estimated 12 million Kenyans who currently have no access to formal financial services, approximately Kshs. 300 billion (3.5 billion USD) will be added to the formal banking system.”
“We have chosen MasterCard as our partner due to the fact that we have a shared vision of an East Africa that is more financially inclusive for all its citizens and less dependent on cash. Cardholders will be able to use their MasterCard PayPass debit or prepaid cards at any location that accepts MasterCard worldwide. Special promotional offers will be announced during the rollout of the campaign,” Mwangi concluded.
Globally, PayPass is present in 48 countries and accepted at nearly 550,000 merchant locations. MasterCard cards are accepted at more than 34 million points around the world.
The partnership between MasterCard and Equity Bank is part of the payments solutions provider’s goal of increasing its business in the region by providing added value to more customers, while at the same time encouraging the uptake of cashless transactions in the region as envisioned in its pursuit of a cashless global economy.
MasterCard(MA), www.mastercard.com,is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
About Equity Bank:
Equity Bank is an all-inclusive financial services provider with a growing pan-African footprint. Listed on the Nairobi Securities Exchange (NSE:EQTY) and Uganda Securities Exchange (USE:EBL) and with over 8 million customers spread across five East African markets, we have grown from humble beginnings as a provider of mortgage financing to Kenya’s low income population to Africa’s biggest bank by customer base. Our vision is “to be the champion of the socio-economic prosperity of the people of Africa,” a vision we continue to pursue through a business model that is anchored on access, convenience and flexibility for our clients.
- Investment & Company Information
- Equity Bank
- East Africa
- electronic payments
Recommended for You
A recent article by Sean Coughlan of the BBC states that 60% of inner London’s employed hold degrees. That is a remarkable workforce demographic. More than half of the workers in London are college graduates. Compare that to the 36.2% of metropolitan New York City that hold college degrees. The…Business 2 Community
* Dollar slips as Treasury yields drop amid position unwinding * News of US budget deal provides some reliefReuters
Dennis Gartman takes an "old man's view of the market," and explains why stocks will likely continue higher, with CNBC's Jackie DeAngelis and the Futures Now Traders.CNBC
WASHINGTON (AP) — The Supreme Court won't decide the legality of an agreement between a union and a Florida casino in which the business helped the union organize in return for help with a ballot initiative on gambling.Associated Press
This should take you about 3 minutes and 31 seconds to read (According to Forbes, the average adult reads 300 words per minute) I had a lady contact me recently who needed some help marketing her business. She is a bridal hair & make-up stylist here in Las Vegas. She informed me that this city...Business 2 Community
Often when I talk about strategic networking, people will immediately think of networking events. Their palms will get sweaty as they would rather get a root canal surgery than walk into a room full of strangers. I now say strategic relationships because that is what we are really creating. Also,…Business 2 Community
Good morning. As CIOs shift corporate computing infrastructure to the cloud, big tech companies such as Hewlett-Packard are forced to adjust.The Wall Street Journal
The trial on corruption charges of businessman Victor Dahdaleh came to an abrupt halt on Tuesday when counsel for the Serious Fraud Office (SFO) told a London court there was no longer a realistic prospect of a conviction. The collapse of one of Britain's biggest bribery trials in years is a…Reuters
In trading on Tuesday, shares of Netgear, Inc. (NASD: NTGR) crossed below their 200 day moving average of $31.39, changing hands as low as $31.02 per share. Netgear, Inc. shares are currently trading off about 1.7% on the day. The chart below shows the one year performance of NTGR shares, [...]Forbes
Chris Hardwick, "Talking Dead" host, discusses his hit television show "Talking Dead" on AMC. It's essentially an isolated version of the water cooler, Harwick said.CNBC Videos
The price of oil rose Tuesday amid optimism over an improving U.S. economy and encouraging data from China. Benchmark U.S. crude for January delivery was up 38 cents at $97.72 a barrel at midafternoon ...Associated Press
Now is a perfect time to digest the takeaways with Cyber Monday 2013 in the books and discover what the busiest online shopping day of the year says about the future. Overall sentiment was positive with a reported 21% rise in online sales for the day. However, sales tapered throughout the day…Business 2 Community
Big technology companies are seeing signs that the public's worries about government spying are a threat to their future profits, analysts say. These concerns haven't started to hit their bottom lines quite yet. But critical international growth, particularly for businesses selling cloud-based…Huffington Post
WASHINGTON (Reuters) - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations. The National Federation of Independent Business said on Tuesday its Small Business Optimism Index edged up 0.9 point…Reuters
CNBC's Robert Frank reports there are now 122 signers of the "Giving Pledge," which is a promise started by Bill Gates and Warren Buffett for billionaires to give away at least half of their wealth. Frank also provides insight into the mystery tipper.CNBC Videos
With sales down in Europe, CEO Sergio Marchionne is about to overhaul European operationsBusinessWeek
It's easy to get confused about what makes a good investment banker but you can keep it simple. A good banker gets clients to give him money. This clarifies discussions of whether clients' children are ...Bloomberg
European aerospace group EADS has announced plans to cut 5,800 jobs at its Airbus Defence and Space Unit by the end of 2016.CNBC
By Julia Fioretti LONDON (Reuters) - When the Afghan government used mobile phones instead of cash to pay some of its policemen, the officers thought they'd just had a 30 percent pay rise. This anecdote from the U.S. Agency for International Development shows how technological innovations such as…Reuters
The barcode has turned 61! This important and much-overlooked little aspect of business has now been around since 1952 – and has evolved and changed in a lot of different ways over the years. Let’s take a closer look. The Barcode’s History The world’s first barcode was created in 1952 by Joseph…Business 2 Community