Equity Bank has acquired exclusive rights to issue American Express cards to merchants and its customers in Kenya in a new deal.
Equity first signed the deal with American Express under a merchant acquisition agreement in 2013, but Barclays Bank was in partnership with the US brand to recruit merchants at the time.
The deal between Barclays and American Express came to an end on May 1st, meaning that Equity is now the exclusive dealer of American Express cards in the country.
In a statement on Thursday, Equity, the country’s biggest bank by customer base (11.5 million), said it is now the exclusive partner bank for American Express.
“We are very pleased to extend our partnership with Equity Bank in Kenya, making them our exclusive acquirer in the country and reflecting our strategy of building relationships with the leading banks around the world,” said American Express vice President of business development for sub-Saharan Africa Catherine Malec.
American Express cardholders will now make payments at any Equity Bank outlets across the country. Transactions will be done through Equity’s card management systems.
“The growth of the American Express merchant network in Kenya will also help to ensure American Express card members feel as comfortable using their cards in Kenya as anywhere else in the world,” said Equity Bank group chief executive officer James Mwangi.
Ms Malec said the agreement with Equity was part of American Express’s strategy to build relationships with leading banks around the world. “Our partnership with Equity Bank will continue to allow us to expand the scope and reach of the American Express merchant network and brand, as well as increase our presence in a key country in the region,” said Malec.
