Kenya’s financial sector has diversified and evolved over the last two decades to become one of the strongest on the continent and in the world. This has been facilitated by the increased adoption of technology, which has made products and financial services more accessible to many. Mobile banking has grown to be one of the most significant outcomes of this revolution.
Today, mobile banking is used by nearly three-quarters of Kenyans. Despite this, many Kenyans who use mobile money services are concerned about unexpected charges, loss of money due to fraud, a lack of transparency in financial service and product pricing, and unreliable market infrastructure, including system downtime. As a result, making informed choices when selecting your mobile banking service provider is very important.
Convenience and efficiency should be your primary considerations when selecting a mobile banking service to ensure you are managing your finances efficiently and can easily plan how to connect with your bank account without having to visit a physical bank branch. Equity introduced a self-service bank account opening feature through its USSD (*247#) service to address existing concerns about mobile banking and to ensure that all banking services are available on a user’s mobile device anywhere anytime.
Equity’s mobile account-opening feature is designed to make it easier for consumers who want to open bank accounts without having to physically visit a branch. By simply dialling *247# and following the prompts to provide their details, new customers can seamlessly link their account to their mobile device and start enjoying access to a wide array of services available through Equity’s digital banking channels. This ensures that all new and existing customers save time while transacting and interacting with banking services.
Having an account with Equity has several benefits, including a zero minimum operating balance, zero monthly charges, and zero account maintenance fees. With this feature, a user can open an account, deposit money, save money, instantly invest, borrow a loan, or withdraw without having to visit a physical bank location.
When it comes to accessing loans, customers also dial *247# on their current mobile line irrespective of their phone network (Equitel, Safaricom, Airtel, or Telkom), or from any type of phone – Kabambe or smart phone, to check their loan limit and access instant loans of between Kes 100 and Kes 3 million straight from their device at the comfort of their home or office. Prompt repayment of these loans will enable their loan limit to increase overtime and will greatly benefit them in building a solid credit history that will be advantageous in future.
As consumers look for ways to manage their finances and safeguard their future, the development of effective and secure channels to do so will assist people in saving and managing their resources. Equity customers are encouraged and advised to be vigilant and to never share their personal details with anyone. Equity rolled a universal number which is the only number it uses to call customers from 0763 000 000.As a customer you are advised to ignore anyone who calls from another number pretending to be from Equity. Always remember, your PIN is your secret and Equity staff will never call to ask for your PIN. Customers are also encouraged to forward suspicious SMS messages and numbers to 333.