Equity Bank has renewed its partnership with Zepz, the parent company of WorldRemit and SendWave, to provide seamless and affordable international money transfer services to its customers.
This renewed agreement aims to support Equity Bank’s clients in Kenya, Tanzania and Uganda and soon in Rwanda, South Sudan, and the Democratic Republic of Congo (DRC).
The collaboration, which began in 2018 with Equity Bank Kenya, has enabled millions of customers worldwide to make secure and timely digital money transfers.
In a press statement dated 15th July 2024, Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings emphasized the strategic importance of this partnership.
“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 Dr. Mwangi.
Equity Bank Enhanced Services
The partnership has leveraged a good network of partners within the Equity ecosystem, facilitating trusted and convenient services.
With annual inbound volume flows projected to exceed $1 billion per year over the next three years, the renewed agreement promises significant enhancements in customer experience.
The integration of Zepz’s state-of-the-art APIs with Equity’s digital and physical payout networks aims to facilitate one million transactions per month.
This will allow for the seamless delivery of funds directly into mobile wallets and Equity bank accounts.
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“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,” said Dr. Mwangi.
“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, “he added.
Strategic Vision and Market Expansion
Mark Lenhard, CEO of Zepz, expressed optimism about the partnership’s potential to drive the uptake of its 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,” Mark Lenhard said.
“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,” he added.
About Zepz Group Equity Group
Zepz Group powers leading global remittance brands WorldRemit and SendWave.
Since 2021, Zepz Group has disrupted an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users.
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In 2023, Zepz Group and its brands facilitated over $15 billion in transfers from 50 countries to recipients in 130 countries, operating over 5,000 money transfer corridors worldwide. The group employs over 1,100 people globally as a remote-first employer.
Equity Group Holdings is a Pan-African financial services holding company listed on the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange.
With banking subsidiaries in Kenya, DRC, Rwanda, Uganda, Tanzania, and South Sudan, and a Commercial Representative Office in Ethiopia, Equity Group boasts an asset base of USD 13 billion and serves 21 million customers through a vast network of branches, agents, merchants, and digital channels.
Recognized as the Second Strongest Financial Brand on Earth in 2024 by Brand Finance, Equity Group continues to drive financial inclusion and innovation across the region.
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