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According to the Top 1000 World Banks 2018 ranking, Equity Bank was placed first in Kenya, an improvement from last year’s second position and number 799 globally with Sh84.8 billion in Tier 1 capital/FILE

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Equity Bank, Mastercard in drive to boost card payments

Equity Bank Mastercard customers can make their payments at any outlet that displays the Mastercard or Equity Bank sign/FILE

NAIROBI, Kenya, Jul 4 – Equity Bank in partnership with global payments and technology firm Mastercard unveiled a new drive aimed at expanding the country’s cashless economy and stimulating a more secure, private and reliable mode of payment.

Dubbed ‘Mastercard Cashback’, the initiative will see 700 consumers get up to 100% cash back at the Point of Sale (POS) payment for goods or services.

To participate, customers using their Mastercard debit cards to pay for goods and services will be entered into a draw within the promotion period for a chance to qualify for the incentive (terms and conditions apply). At the same time, customers who reactivate their Mastercard debit cards will be entered into a draw for a chance to participate.

Equity Bank continues to partner with key payment companies to ensure customers are open to various choices to fit their lifestyle. The range of products and services that are linked to debit cards and various facilities are regularly reviewed and enhanced in accordance with advances in the market.

Equity Bank Mastercard customers can make their payments at any outlet that displays the Mastercard or Equity Bank sign such as Supermarkets, clothing stores, restaurants, petrol stations, chemists, hospitals or online.

The promotion is open to all customers who use their Equity Mastercard debit cards including the Platinum, World, World Elite and Classic (ordinary Mastercard debit card). At the end of the promotion period, the bank will award the winners through a raffle.

By the end of last year, Equity Bank’s total transaction value for debit and prepaid cards totalled Sh16 billion for both inbound and outbound transactions.

The Bank has a network of 17,720 POS merchants across the country whose turnovers totalled Sh95 billion, a 37% growth from the previous year’s Sh69.3 billion.

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