Equity Bank, Mastercard launch a reward scheme to woo debit card users

In Summary

•By the end of last year, Equity Bank’s total transaction value for debit and prepaid cards totaled Sh16 billion for both inbound and outbound transactions.

Equity Bank CEO James Mwangi
Equity Bank CEO James Mwangi
Image: FILE

Equity Bank has partnered with Mastercard to launch an initiative to reward debit card users with the aim of expanding Kenya’s cashless economy.

Dubbed ‘Mastercard Cashback’, the initiative will see 700 consumers get up to 100 per cent cash back at the Point of Sale (POS) payment for goods or services.

To participate, customers using their Mastercard debit cards to pay for goods and services will be entered into a draw within the promotion period for a chance to qualify for the incentive.

Customers who reactivate their Mastercard debit cards will also be entered into a draw for a chance to participate.

This initiative is being launched at the time the debit cards usage is on downward trend in Kenya. Kenya had 7.8 million debit cards in April compared to 8.1 million cards same time last year, this according to Central Bank of Kenya.

Even so, the number of PoSs had grown to 2.9 million in April compared to 2.06 million similar month last year.

‘’Equity Bank continues to partner with key payment companies to ensure customers are open to various choices to fit their lifestyle,’’ a statement from the bank read.