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Equity has unveiled a borderless banking (intercountry) payments and account settlement solution, aimed at fostering regional economic integration and supporting cross-border trade within the East African region. The new service that transcends international boundaries and enables real-time financial transactions, will be available to the lender’s customers across its banking subsidiaries in Kenya, Uganda, Tanzania, Rwanda, and South Sudan.
The first of its kind service in the region now allows Equity’s 18 million customers to gain immediate access to their accounts, empowering them to effortlessly transfer, deposit, and withdraw funds across the five countries as if they were operating in their home country. As a result, businesses can now engage in cross-border transactions with increased efficiency and reduced transaction costs.
The cross-border settlement and payment solution underscores Equity’s unwavering commitment to fostering economic growth and development within the East African region. Enhanced economic integration requires efficient payment systems that reduce transaction costs and provide real-time settlements. As a critical component of its digital transformation agenda, Equity’s borderless banking service is intended to facilitate cross-border trade and investments while championing financial inclusion. This, in turn, plays a pivotal role in propelling economic growth and development within the East African region.
Customers across the region can now effortlessly deposit funds into any Equity Bank account, withdraw funds from any Equity Bank ATM, transfer funds to other Equity Bank accounts within countries Equity has presence in, and make payments for goods and services. This service has seamlessly integrated into the lender’s Equity Mobile and Equity Online platforms, bringing banking convenience to your fingertips.
The new service not only introduces convenience but also reduces the complexities associated with traditional cross-border banking. This innovation is set to revolutionize regional financial transactions, empowering customers with the freedom to access banking services without time and location limitations.
Anchored on its Africa Recovery and Resilience Plan, Equity has focused on promoting regional trade through expanding its regional footprint, facilitating regional investment forums and providing innovating banking and payment solutions aimed at boosting cross-border trade, and fostering financial inclusion within the East African region.
