FINANCIAL ACCESS

Equity Bank and Safaricom partner to improve financial inclusion

The two expect to explore regional synergies and facilitate easier cash exchange

In Summary

• Giant corporate companies can harness on technology and knowledge sharing

•Equity Bank will leverage on robust macro-economic growth to be region’s leading bank.

Safaricom CEO Bob Collymore and Equity Group CEO James Mwangi after signing of the partnership in Nairobi
Safaricom CEO Bob Collymore and Equity Group CEO James Mwangi after signing of the partnership in Nairobi
Image: courtesy

Equity Group and Safaricom have announced plans to partner in a deal that will create a more inclusive financial product in the market.

The two companies expect to explore regional synergies and facilitate easier cash exchange between between their agents and customers.

The Sign Landmark Agreement achieved by both executives will also see giant corporate companies harness on technology and technical knowledge sharing to build a common approach to risks such as fraud and cyber-security.

 

 “At Safaricom, we are continuously driven to explore new ways to provide our customers with the best possible experience on our network. As we continue on our journey to become a more widely accessible digital platform, symbiotic partnerships like this one will unlock new opportunities for our entire ecosystem to benefit from enriched innovation, all based on a socially conscious business model,” Safaricom chief executive Bob Collymore said.

Safaricom has so far partnered with two large financial service providers in the industry including KCB Group in offering KCB Mpesa.

It is also in a partnership with Commercial Bank of Africa (CBA) in provision of Mshwari, and another deal with both banks in the newly launched overdraft product, Fuliza.

According to Equity Group chief executive James Mwangi, the bank will leverage on the collaboration and the robust macro-economic growth to be the region’s leading bank.

“We strive to respond to our customers’ emerging needs, aspirations and preferences. As demand for these services evolve in tandem with the changing lifestyles, we are positioning ourselves to create new bridges of opportunity for Kenyans by combining the empowering nature of access to credit with the reach and transparency of technology,” Mwangi said.