Equity Bank is on a drive to acquire more local merchants as customers to facilitate the regional acceptance of American Express Cards and other payment solutions beyond the bank’s channels.
The merchant acquisition will also help in enhancing the bank’s card business and related payment processing services, with Nakumatt Holdings, ArtCaffé, Heritage Hotels, Best Western Hotel, Imperial Hotel, Laico Regency, Leopard Beach Resort and Boma Hotels some of the new merchants recruited to support American Express card business.
Equity Bank managing director Dr James Mwangi said the strategy is also geared towards providing alternative revenue streams for its business partners, who will enjoy commissions for card transactions.
Mwangi said the bank is now a partner for American Express, Visa, MasterCard, PayPal, Google, China Union Pay, SWIFT, JCB, VFX (Equity Direct) and Diners Club.
“At Equity Bank, our commitment is to best serve and meet the financial needs of our nearly 9 million customers, our association with the world’s largest credit card companies and payment solution providers is therefore part of this commitment to deliver the best card solutions,” Dr Mwangi said.
“Such partnerships are also in line with our Equity 3.0 business strategy of becoming a one stop shop for financial services and giving our customers the freedom of modern banking in today’s fast-paced world. Our investment in a robust IT platform continues to pay dividends and gives us the opportunity to continue investing in products and services that suit our customers who are increasingly becoming technology-driven and seeking borderless and seamless financial services.”