The new collaboration between Equity Bank and global money transfer platform ‘Zepz’ is poised to target one million transactions every month, as well as garnering more than US$ 1 billion in diaspora money transfers in the next three years.
- Zepz, formerly WorldRemit, will allow its clients in the diaspora to swiftly send money to Equity Bank accounts and money wallets across Kenya, Tanzania, and Uganda.
- The Fintech first partnered with Equity Bank in 2018, allowing customers to enjoy reliable exchange rates whenever sending or receiving money through the platform.
- The renewal of this partnership will also optimize customer experience by imparting flexibility and convenience, spreading its benefits to new Equity Bank markets such as Rwanda, DRC, and South Sudan.
“This partnership, rooted in deliberate intent and purpose, signifies our shared strategic vision to pioneer innovative solutions in the payments space for the African continent,” said Equity Group CEO, James Mwangi.
Since its establishment in 2010, Zepz has grown to become one of the world’s largest and most dependable money transfer platforms for remittances. Inflows in Sub-Saharan Africa last year reached US$ 54 billion according to the World Bank. Many countries in the region are increasingly seeing the importance of remittances, with both banks and Fintechs competing for the market share.
“By harnessing the unique competencies and capabilities of both institutions, we aim to revolutionize payment solutions across the continent as a support to achieving the Africa Recovery and Resilience Plan,” Mwangi added.
Equity Bank’s growth in the region makes it a perfect launching spot for Zepz’s continued domination in the remittances sector. In 2021, the company raised almost US$ 292 million in Series E funding – an impressive fete for a mature company.
The partnership is also aligned with Equity Bank’s vision of being an integral link and financial paradise for cross-border traders.
“We have resolute conviction in the transformative potential this partnership holds for our customers transferring into and across the African 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,” said Zepz CEO, Mark Lenhard.
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