Equity Bank is partnering with various merchant businesses and payment processing firms in East Africa to enhance its card business and related payment processing services, with an overall aim to reduce the country’s dependence on cash.
The bank recently signed a deal with American Express, which allows it to leverage the credit card company’s client base and engage them when they visit East Africa.
Equity Bank has also partnered with other providers such as Visa, MasterCard, PayPal, Google, China Union Pay, SWIFT, JCB, VFX and Diners Club.
This is a part of the merchant acquisition process that affords alternative revenue streams for business partners who will receive commissions for transactions.
A fee is charged for every transaction whenever an automated teller machine is used, which is shared between the machine owner, network and card issuer.
Equity also plans to issue 300,000 smartphones to retailers to facilitate cashless transactions and encourage use of the new ATM cards that allow tap-and-go payments.

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By GlobalDataSome of the merchants retained by Equity Bank to support American Express card business include retailers Nakumatt Holdings, hospitality outlets ArtCaffé, Heritage Hotels, Best Western Hotel, Imperial Hotel, Laico Regency, Leopard Beach Resort and Boma Hotels.