China's Union Pay continues to crack new markets. The latest: East Africa, where the Chinese card association has formed an alliance with Equity Bank Group.
Equity Bank has a substantial presence in East Africa; Union Pay cardholders will have access to 600 ATMs in the region, said a report by All Africa. The bank also has 203 branches and 4,500 EFTPOS locations.
Equity Bank Group CEO James Mwangi said the agreement created an opportunity for the bank to serve UnionPay cardholders traveling in in East Africa.
"The cooperation between China Union Pay and Equity Bank is based on the common goal which is providing high quality financial services to our customers," Mwangi is quoted in the article as saying. "China UnionPay will utilize Equity Bank's market advantage within East Africa to meet the demands of its growing customer base in the region."
The article said that at the launch of the program, Chai Hongfeng, vice president of China Union Pay, said that Union Pay considered Africa an "emerging market for payment full of growth potential." The agreement gives 3.2 billion Union Pay cardholders access to ATM services from Equity Bank.
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