China UnionPay Cards to be Accepted on Equity Bank’s ATMs, PoS

Nairobi, Kenya: Equity Bank has signed up with the China UnionPay to
allow its customers in Kenya and throughout East Africa to make
transactions from Equity’s ATMs and Points of Sale. China UnionPay
cards will be accepted at Equity Bank’s 700 ATMs, 5,000 Points of Sale
and over 1,000 merchant outlets worldwide, offering the Union’s
customers a convenient and wider network.

Equally, Equity Bank customers on VISA will be able to access their
accounts from China UnionPay’s ATMs and PoS all around the world,
making it easy and convenience for Kenya’s business community that
imports goods from China to transact business. With the signing up of
the new deal, Equity becomes China UnionPay’s sole agent in East
Africa, and is the third bank in the continent to sign up the service
after South Africa and Mauritius.

China UnionPay has issued over 2.3 billion cards globally, offering a
wide market for its partners. Last year alone, it recorded over 1
trillion transactions globally. Kenya has also been keen to have close
ties with China which has become a major global economic partner.

It is estimated that 20,000 Chinese tourists visit Kenya every year
with the figure expected to rise to at least 100,000 per year in the
next three years. Earlier this year, Equity Bank signed a Sh4 billion
loan in support of the SME sector in Kenya with the China Development
Bank, offering the cheapest source of funding for the sector in the
country.

James Mwangi, Equity Bank’s Chief Executive Officer says “We have a
huge influx of Chinese people coming to explore opportunities in
Africa, so we can be an agent to facilitate smooth payment with those
people.”