Equity Group Renews Global Digital Money Transfer Partnership

Zepz, the group powering leading global remittance brands such as WorldRemit and Sendwave, and leading provider of digital money transfer services, has renewed its long-standing partnership with Equity Bank. This agreement will continue to provide Equity members in Kenya and across its subsidiaries in Tanzania, Uganda, and soon, the Democratic Republic of Congo (DRC), Rwanda and South Sudan, with secure, convenient, and affordable ways to send and receive international money transfers.

Zepz – via World Remit and SendWave – first partnered with Equity Group in 2018 through its subsidiary, Equity Bank Kenya. The collaboration has facilitated digital money transfers for millions of customers globally, utilising a robust network of partners throughout the Equity ecosystem of companies.

The renewed agreement will significantly optimise customer experience, leveraging the combination of best-in-class APIs and integration solutions from Zepz, and both the digital and physical payout networks of Equity Group Holdings across its six banking subsidiaries. Targeting one million transactions per month, the collaboration will facilitate the seamless delivery of funds directly into mobile wallets and Equity bank accounts.

“By harnessing the unique competencies and capabilities of both institutions, we aim to revolutionise payment solutions across the continent as a support to achieving the Africa Recovery and Resilience Plan,” Dr James Mwangi, Managing Director and CEO, Equity Group Holdings said. “This partnership will enable us to facilitate trade linkages across the region by enabling person-to-person, person-to-government, person-to-business, and business-to-business payments.”

Zepz CEO, Mr Mark Lenhard expressed optimism on the potential of the partnership to drive the uptake of its twin remittance services in the region. “We have a resolute conviction in the transformative potential this partnership holds for our customers transferring money into and across the Africa region. We look forward to leveraging Equity’s position in Kenya and throughout the East African Community to grow our market share and further expand into new countries with Equity as it continues to grow its footprint across Africa.”

Dr Mwangi  said they envision the partnership as a catalyst for further integration and reliable services, particularly enhancing cross-border trade by leveraging the synergies between Equity and the Africa Free Continental Trade Area.

Zepz’s digital platform ensures secure and swift delivery of funds, while its broader network through WorldRemit and Sendwave offers senders greater flexibility. Customers can choose to receive funds directly into their Equity Bank mobile wallets or bank accounts and benefit from competitive foreign exchange rates.

SOURCE: BUSINESSTODAY