This archive report was first published on 4 July 2019.
On July 4, 2019, Equity Bank, in partnership with global payments and technology firm Mastercard, unveiled a new drive aimed at expanding Kenya's cashless economy and promoting a more secure, private, and reliable mode of payment.
The 'Mastercard Cashback' initiative will see 700 consumers receive up to 100% cash back at the Point of Sale (POS) for goods or services purchased using their Mastercard debit cards.
Customers using their Mastercard debit cards to make payments will be entered into a draw within the promotion period for a chance to qualify for the incentive. Additionally, customers who reactivate their Mastercard debit cards will also be entered into a draw for a chance to participate.
Equity Bank continues to partner with key payment companies to provide customers with various choices that fit their lifestyle. The bank regularly reviews and enhances its range of products and services linked to debit cards and various facilities in accordance with market advances.
Equity Bank Mastercard customers can make payments at any outlet displaying the Mastercard or Equity Bank sign, including supermarkets, clothing stores, restaurants, petrol stations, chemists, hospitals, or online.
The promotion is open to all customers using their Equity Mastercard debit cards, including Platinum, World, World Elite, and Classic (ordinary Mastercard debit card) holders. Winners will be awarded through a raffle at the end of the promotion period.
By the end of 2018, Equity Bank's total transaction value for debit and prepaid cards totaled Kshs16 Billion for both inbound and outbound transactions. The bank has a network of 17,720 POS merchants across the country, with turnovers totaling Ksh95.0 Billion, a 37% growth from the previous year's Ksh69.3 Billion.
