Mastercard Incorporated (NYSE:MA) has entered into a 10-year Customer Business Agreement with Kenya-based Equity Bank, a subsidiary of Equity Group Holdings, one of the leading financial services providers in the country.

The primary objective of this partnership is to introduce a diverse range of Mastercard’s cutting-edge payment solutions into six African countries where Equity Bank operates. These countries include Kenya, Uganda, Rwanda, Tanzania, South Sudan, and the Democratic Republic of Congo (DRC). The suite of Mastercard solutions to be offered encompasses World and World Elite cards, corporate cards, and virtual cards.

Under the agreement, Mastercard and Equity will adopt a collaborative approach to develop innovative payment solutions, particularly focusing on e-commerce, cross-border payments, and segment-based value propositions that cater to evolving consumer needs. This collaboration will enable customers to access cross-border remittance services, e-commerce opportunities, and make QR and Tap on phone payments. The partnership will also address cybersecurity concerns and implement strategies to counter cybercrimes, offering a wide range of benefits to diverse customer segments.

Furthermore, Mastercard and Equity will work closely to promote digitization within underserved communities, particularly small, mid-sized, and micro businesses. Together, they plan to create community pass solutions that empower farmers and traders to access services using various identification methods, including QR codes, biometric authentication, and facial recognition.

This partnership is mutually beneficial for both Mastercard and Equity, as they share a common goal of meeting the diverse payment needs of consumers with varying lifestyles and business requirements. Mastercard will enable Equity to expand its advanced payment capabilities across its operational areas, potentially increasing its revenue and establishing a strong presence in Africa while expanding its customer base on the continent.

Mastercard’s commitment to fostering digitization and building a robust payment ecosystem in Africa is evident through this strategic move. Equity Group, one of East Africa’s largest financial institutions, is a fitting partner to complement Mastercard’s efforts. Mastercard has consistently pursued partnerships with financial institutions and made substantial investments to secure a significant share of the rapidly growing digital payment market in Africa.

Over the past year, Mastercard’s stock has gained 33.2%, outperforming the industry’s growth rate of 18.2%. This partnership with Equity Bank reflects Mastercard’s dedication to driving financial inclusion and digitization in Africa, positioning the company as a key player in the continent’s evolving payment landscape.

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