The two companies hope to build more inclusive financial products, explore regional synergies, simplify cash delivery between their agents and share technical knowledge to build a common approach to risks such as fraud and cyber-security.
Also Read: List of Fintech Companies in Kenya 2019
The collaboration will see both companies work together to identify and deepen financial opportunities for Kenyans.
This MOU will make finances accessible to people everywhere. Digitization has enabled transactions to be done everywhere and around the clock – Dr James Mwangi #SafaricomEquityPartnership pic.twitter.com/AaKddzlk3L
— Equity Bank Kenya (@KeEquityBank) April 29, 2019
Despite years of commendable progress, the majority of Kenyans continue to lack access to essential financial services.
Both Equity and Safaricom have built their operations around the belief that technology and innovation can spur growth and create new opportunities for growth in areas like mobile financial services.
.@bobcollymore Today, more than 20 million Kenyans have access to mobile banking services, accounting for almost half of all bank accounts in the country. #SafaricomEquityPartnership pic.twitter.com/jRVUaVuKvf
— Safaricom PLC (@SafaricomPLC) April 29, 2019
The collaboration will also see both parties enter into mutually beneficial agreements to maximize the ability of more people to benefit from inclusive, tech-driven financial services.
Equity and Safaricom have grown thanks to strong partnerships with dynamic entrepreneurs such as their dealer and agent networks.
This alliance will enhance and streamline dealer financing for such groups.
Lastly, as technologies continue to evolve, the partnership will facilitate more knowledge transfer opportunities between the two organizations, allowing technical staff to build their skills and enhance understanding of emerging risks such as fraud and cyber-security.
“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 accessible digital platform, symbiotic partnerships like this one will unlock new opportunities for our entire ecosystem to benefit from enriched innovation – all based on a socially conscious business model,” said Bob Collymore, CEO, Safaricom.
“Equity’s purpose is to transform lives and livelihoods of our people socially and economically by availing them modern inclusive financial services that maximise their opportunities. We continuously champion, collaborate and partner to bring this purpose to life. We strive to respond to our customers’ emerging needs, aspirations and preferences. As demand for these services evolves in tandem with the changing lifestyles, we are positioning ourselves to create new bridges of opportunity for Kenyans by combining the empowering nature of access to credit with the reach and transparency of technology,” said Dr James Mwangi, CEO, Equity Group Holdings.