Equity Group Holdings PLC and Safaricom have announced plans to create a joint transformation agenda that aims to enable more Kenyans to access critical services using an innovative combination of technology and finance.

In a statement the companies explained that the objective is to roll out more inclusive financial products, explore regional synergies, simplify cash delivery between their agents and share technical knowledge to build a common approach to risks such as fraud and cyber-security.

Bob Collymore, CEO, Safaricom, said, "As we continue on our journey to become a more widely accessible digital platform, symbiotic partnerships like this one will unlock new opportunities for our entire ecosystem to benefit from enriched innovation – all based on a socially conscious business model."

According to the companies, despite years of commendable progress, the majority of Kenyans continue to lack access to essential financial services.

Both Equity and Safaricom have built their operations around the belief that technology and innovation can spur growth and create new opportunities for growth in areas like mobile financial services.

Dr James Mwangi, chief executive officer, Equity Group Holdings, added, "We will harvest, channel and transmit the benefits of the robust macro-economic growth characterised by national infrastructure investments into advantages and opportunities for the ordinary Kenyans especially those in real economy, agriculture, micro, small and medium businesses and enterprises."

The collaboration will also see both parties enter into mutually beneficial agreements to maximise the ability of more people to benefit from inclusive, tech-driven financial services.

Equity and Safaricom have grown thanks to strong partnerships with dynamic entrepreneurs such as their dealer and agent networks. This alliance will enhance and streamline dealer financing for such groups.

The partnership is expected to facilitate more knowledge transfer opportunities and skills development focused on emerging risks including fraud and cyber-security.