EQUITY GROUP STRENGTHENS PARTNERSHIP WITH ZEPZ TO SUPPORT DIASPORA

PRESS RELEASE:

EQUITY GROUP STRENGTHENS PARTNERSHIP WITH ZEPZ TO SUPPORT DIASPORA CLIENT BASE WITH EASE 

• Customers within the Equity Bank ecosystem in Kenya and across its five other banking subsidiaries will be provided with a convenient and affordable channel to transact securely across the world.
• Annual inbound volume flows are projected at over $1bn per annum over the next three years.

Nairobi, Kenya | 15th July 2024 — Zepz, the group powering leading global remittance brands, WorldRemit and Sendwave, and leading provider of digital money transfer services, along with Equity Group, today announced the renewal of their long-standing partnership. This agreement will continue to provide Equity members in Kenya and across its subsidiaries in Tanzania, Uganda, and soon, the Democratic Republic of Congo (DRC), Rwanda and South Sudan, with secure, convenient, and affordable ways to send and receive international money transfers.

Zepz (via World Remit and SendWave) first partnered with Equity Group in 2018 through its subsidiary, Equity Bank Kenya. The collaboration has facilitated trusted, timely, and convenient digital money transfers for millions of customers globally, utilising a robust network of partners throughout the Equity ecosystem of companies. 

The renewed agreement will significantly optimise customer experience, leveraging the combination of best-in-class APIs and integration solutions from Zepz, and both the digital and physical payout networks of Equity Group Holdings across their six banking subsidiaries. Targeting one million transactions per month, the collaboration will facilitate the seamless delivery of funds directly into mobile wallets and Equity bank accounts.

Commenting on the partnership, Dr. James Mwangi, Managing Director and CEO, Equity Group Holdings said, “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. 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. 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.”

Zepz CEO, Mark Lenhard expressed optimism on the potential of the partnership to drive the uptake of its twin remittance services in the region. He said, “We have a resolute conviction in the transformative potential this partnership holds for our customers transferring money into and across the Africa 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 with Equity as it continues to grow its footprint across Africa.”

Dr. Mwangi further added, “As our operational region evolves into the continent’s most integrated area, this partnership couldn’t have come at a better time. We envision it as a catalyst for further integration and reliable services, particularly enhancing cross-border trade by leveraging the synergies between Equity and the Africa Free Continental Trade Area.” 

Zepz’s digital platform ensures secure and swift delivery of funds, while their broader network through WorldRemit and Sendwave offers senders greater flexibility. Customers can choose to receive funds directly into their Equity Bank mobile wallets or bank accounts and benefit from competitive foreign exchange rates.

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ABOUT ZEPZ GROUP: 

Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology – driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.

Zepz Group brands have helped cross-border communities send over $15bn from 50 countries to recipients in 130 countries in 2023, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,100 people globally as a remote-first employer, with team members located across six continents.

ABOUT EQUITY GROUP HOLDINGS: 

Equity Group Holdings Plc. is a Pan-African financial services holding company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. The Group has banking subsidiaries in Kenya, DRC, Rwanda, Uganda, Tanzania, South Sudan, and a Commercial Representative Office in Ethiopia. It has other subsidiaries in investment banking, insurance, telecom, fintech and social impact investments. Equity Group is the largest bank in the region with a market capitalization of USD 4 Billion.  

The Group has an asset base of USD 13 Billion, customer base of 21 million supported by a footprint of 404 branches, 83,142 Agents, over 1.1 million Pay With Equity (PWE) merchants, 33,179 Point-of-Sale (POS) Merchants, 828 ATMs and an extensive adoption of digital banking channel. The Bank’s strong brand recognition, solid liquidity buffers and resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels have earned it the honor of being the Second Strongest Financial Brand on Earth in 2024 by Brand Finance.

For more information log on to Website: https://equitygroupholdings.com

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