Safaricom and Equity Bank Partner to Take On The East African Fintech Regional Market

Equity Group and Safaricom renew partnership

The two major listed companies Equity group and Safaricom have renewed their partnership which will see the two firms work together to provide better financial services to Kenyans.

Through the partnership, the organizations said they will create more inclusive financial products, simplify the cash transfer process between agents, share technical knowledge, and establish a joint approach to business risks such as fraud and cyber-security.

Safaricom’s CEO Bob Collymore said, “At Safaricom, we are continuously driven to explore new ways to provide our customers with the best possible experience on our network.

As we continue on our journey to become a more widely digital platform, symbiotic partnerships like this one will unlock new opportunities for our entire ecosystem to benefit from enhanced innovation – all based on a socially conscious business model.”

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The partnership between Equity Group and Safaricom will lead to higher financial inclusion in Kenya through the provision of innovative digital financial services.

Equity group’s CEO Dr. James Mwangi said, “…Our ambition is to be the region’s leading bank, and we continuously harness the power of technology to create opportunities to transform how people access and consume financial services.”

The initial step in the agreement will see the two companies build work links between them. As technologies advance, the entities will continue to share technical knowledge and build skills in cyber-security and fraud detection among their staff.   

In 2010, the two firms had a partnership dubbed M-KESHO, a financial service linked to Safaricom M-PESA and Equity bank accounts. The product ran on the M-PESA transactional rails with savings account, loan and insurance facilities as the core products.

However, the partnership did not work out at the time prompting Equity bank to seek its MVNO licence under the Equitel brand.

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