Speaking about the partnership, the CEO of Safaricom, Bob Collymore, said:
“Today, we are very pleased to be renewing this partnership. This is not just about how to deepen financial inclusion but how to broaden it and move away from peer to peer money transfer to bringing a broader suite of financial services.”
A Symbiotic Partnership
The two companies have been at the forefront in pushing for mobile money and digital lending offerings with Safaricom’s MPESA platform taking up the larger piece of the mobile money pie.
“Our customers keep asking us how their experience can be made more convenient. Payments and processing is key in financial inclusion and Safaricom is best at running the technology platform. What Equity bank does best is offer financial products that speak to the needs and aspirations of people.”
The collaboration will see both companies build more inclusive financial products that will see common approaches to risks such as as fraud and cyber security. The collaboration will see both companies work together to further deepen financial inclusion in Kenya and the region.