NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Equity Bank’s deal with American Express gives the Kenyan lender exclusive rights to issue AmEx credit cards across the continent outsideSouth Africa.

This expands on an earlier pact covering their card business in East Africa.

Under the arrangement, Equity Bank will get a merchant’s commission of three per cent of amounts charged by AmEx card holders. The deal will enable American Express to widen its footprint in Africa, whose markets are attracting more multinational firms and have a growing hospitality industry.