Equity Bank Partners with PesaLink, NALA to Boost Cross-Border Payments
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Equity Bank has entered into a partnership with Kenya’s instant payments provider PesaLink and London-based fintech NALA to improve cross-border money transfers, targeting faster, cheaper, and more reliable remittances for Kenyans abroad.
The deal combines PesaLink’s real-time transaction infrastructure, NALA’s global remittance platform, and Equity’s domestic settlement network. The partnership is expected to reduce costs and improve last-mile delivery of diaspora remittances, which hit a record US$4.94 billion in 2024, cementing their role as a vital source of foreign exchange for Kenya.
Near Real-Time Transfers
The collaboration allows senders in the United States, United Kingdom, and Europe to transfer funds through the NALA app using debit cards or bank accounts. Recipients in Kenya will receive money in near real-time into bank accounts or mobile wallets.
Transfers are routed directly through PesaLink instant payment network, bypassing intermediaries that often increase costs and cause delays.
Samuel Ireri, PSM1, Equity Group Head of International Banking & Payments, described the partnership as a strategic move aligned with Equity Group’s Africa Recovery and Resilience Plan to drive inclusive economic growth across the continent.
Kenya is among Africa’s largest recipients of remittances, with inflows serving as a key buffer for foreign exchange reserves and household consumption.
PesaLink and NALA Infrastructure
PesaLink, operated by Integrated Payment Services Limited (IPSL), supports instant account-to-account transfers of up to Ksh 999,999 across more than 80 participants including banks, SACCOs, telcos, and fintechs.
According to Kenn Lisudza, IPSL’s Chief Products Officer, reducing friction in cross-border payments will improve reliability and inclusion for millions of Kenyans.
For diaspora communities, the arrangement ensures remittances arrive almost instantly, easing household budgeting and business operations. Fintechs and remittance providers also gain access to PesaLink infrastructure and richer payment data, improving reconciliation and settlement processes.
Nicolai Eddy, COO of NALA, noted that billions are lost annually to cross-border payment fees worldwide. NALA, which has expanded its footprint across Europe and North America, aims to solve this by choosing the right infrastructure partners.
Equity’s Broader Cross-Border Play
Equity Bank has been strengthening its cross-border payments portfolio through multiple partnerships. In 2024, it announced a collaboration with Mastercard to enable transfers to 30 countries via Mastercard Cross-Border Services.
That service, which integrates with Equity Mobile and Equitel, offers secure transactions, faster settlement times, and competitive pricing with no landing fees. Customers can initiate transfers at branches, ATMs, or digital platforms, supporting both diaspora remittances and corporate payments.
Equity also maintains a partnership with WorldRemit, through which Kenyans can receive funds from more than 50 countries into Equity accounts, Equitel mobile wallets, or cash pick-up points.
Transfers are capped at USD 19,000 per transaction, with delivery times ranging from minutes for cash collections to the next business day for bank deposits. Fees range between $3.99 and $9.99 from the US to Kenya, lower than traditional wire transfer costs.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
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