Equity Bank Tuesday announced a partnership with software security solutions provider, Entersekt to secure its mobile and online banking systems as online fraud takes its toll on Kenya's banking system.
Equity Bank Chief Executive Dr James Mwangi said the move was aimed at enhancing security for its online products against hackers keen on stealing client information and making it impossible to access funds.
Kenyan banks are increasingly losing a lot of money through cyber crime as is the trend around the world.
The bank believes this will enable it build trust amongst its clients on the safety of the online portals both on their internet site and for those using the mobile devices that lack internet capabilities.
Entersekt’s chief information officer Mr Gerhard Oosthuizen says the new service avoids reliance on the open Internet for user and transaction verification.
Entersekt’s push-USSD–based authentication product, Interakt, provides users with a secured off-net mode that allows them to connect to the bank via any mobile phone network.
“Mobile penetration rates in sub-Saharan Africa average about 70 per cent and are climbing fast. African banks that succeed in creating innovative mobile experiences will grab the lion’s share of an underserved market,” he added.