Equity Bank: Accelerating the trend towards a cashless society

In the wake of Covid-19 the Bank is offering relief to Kenyans wishing to access their cash conveniently, by waiving charges on the back of an array of cashless innovative solutions to facilitate banking at the comfort of their homes and offices.

Coronavirus has plunged the world into uncertainty, as countries around the globe race to put together economic packages to stop their economies from crumbling. The sharp reduction in the use of cash and adoption of financial digital platforms especially in Africa and other developing economies has been accelerated by the pandemic.

DRAMATIC CHANGE

However, the world of banking and payments has changed dramatically since the 2008 recession. Equity has been leveraging Fintech innovations in the banking and payments space to enhance customer experience. This signals a consolidation of banking all the way to the customer level, and as evidenced by the performance, customers appreciate the convenience of the self-service platforms.

In the same light, consumers are increasingly using cards and mobile phones in transactions and taking advantage of features such as in-app payment capabilities, money transfer and shopping for their essentials. In support of the Government directive, Equity acknowledges the challenging times and empathises with, and appreciates the unprecedented scale of social disruption to the livelihoods of Kenyans and its customers.

WAIVERS

To that effect, last month the Bank waived all mobile banking transaction fees up to 30th June 2020 for all mobile wallet to bank transfers, bank to mobile wallets, Equity to Equity mobile bank transfers, interbank mobile transfers through Pesalink, customer payments using Equity cards, all utility bill payments and balance and limit inquiries. It also activated digital account opening and management through digital channels, to include the Mobile App and Internet platforms. Short term Personal and Micro Loans will also be processed digitally on mobile and internet and credit cards. Over the recent years, the Bank has heavily invested in third party infrastructure to support efficiency in customer delivery and operational costs, credited with revolutionizing banking and giving 24/7 access.

INNOVATIONS

Thanks to innovations such as Equitel, the Group’s Mobile Virtual Network Operator ( MVNO), customers using feature phones and Equitel SIM cards can manage their bank accounts from their mobile phones – sending money to any bank and any mobile network, paying for goods and services using Eazzy Pay, applying and receiving instant Eazzy Loans on their phones as well as making calls and buying data bundles.

Equity also revolutionized the digital banking capability under the brand name Eazzy Banking, which enables customers to perform over 60 functionalities. The suite of self-service digital tools has redefined mobile banking through the Eazzy Banking App, in which a customer with a smart phone can download the App on Android and iOS securely, transact, pay bills, pay for goods and services, borrow through Eazzy Loan and save.

BIOMETRICS

Security has been enhanced through login using biometrics and when transacting through One Time PIN. Those who are not on the Eazzy Banking App or Equitel also have the opportunity to access the same services through Eazzy 2 47, i.e. dialling *247#. One can open a bank account on the Eazzy Banking App or by dialling *247#.

Eazzy Save makes saving much easier when you have a goal to achieve, by providing a saving plan that allows you to set aside a desired amount of money regularly. The platform has key benefits such as zero account opening fees, no minimum operating balance, zero ledger fees, and one free withdrawal in a month with free internal standing orders.

ONLINE TRANSACTIONS

For online transactions, Equity combines a set of robust processes and state of the art infrastructure to provide you with a secure online banking experience. Eazzy Net enables individuals to do all their banking on the internet, at the comfort of their homes and or offices.

To support SMEs and corporates have an overall view of their finances at all times, Equity offers EazzyBiz, a secure online and comprehensive Cash and Liquidity Management solution that gives a global view of the business cash position, enabling payments, cash flow management and balances across multiple currencies and locations. To help cushion businesses, the Bank has waived the annual subscription fees for Eazzy Biz new and existing customers from April 2020 until the current situation improves.

FOREX

Traders and businesses who deal in forex can access Eazzy FX, a seamless electronic platform for settling foreign transactions digitally, eliminating the need for face-to-face or over-the-phone transactions. I t also allows access to competitive prices on both emerging market and major trade currencies. Additionally, it allows real-time streaming access, competitive market pricing and immediate tailored request-for-quotation facilities.

Groups, welfare associations and Chamas have not been left behind in this era where social distancing is being encouraged. Eazzy Chama is an online platform that enables them to manage their group funds online. Through Eazzy Chama, they have the ability to manage their group activities like record keeping and banking transactions, while maintaining transparency and accessibility among all group members.

STREAMLINED SERVICES

In the quest to further deepen customer experience, the Bank has sustained its efforts to ensure customer’s access streamlined service through merchant banking. The universal Point of Sale (POS) congregates mobile wallets, Eazzy Pay and an array of debit and credit cards via strategic partnerships with payment networks such as Visa, Mastercard, American Express (AmEx), JCB, Diners and Union Pay.

Equity cards range from classic to premium to match customers’ lifestyle. Within the Equity Mastercard offering, the bank offers, Platinum, World, World Elite, World Mastercard, which are premium debit cards with key benefits and the classic Mastercard debit card. Equity Visa card offers Infinite, Gold and Visa Signature premium range of debit cards and the classic Visa Debit and Credit card, while Equity America n Express has the Gold and the Green credit cards under its portfolio. This means that a customer does not need to carry cash or make trips to the ATMs for cash withdrawals. Equity cards can be used to pay for shopping or pay bills and other services at various outlets without incurring any transaction charges.

Further, the Bank continues to support e-commerce where cards play a role to facilitate both offline and online payments. With enhanced security features 3D secure and One Tim e PIN (OTP) Equity cards come with a Chip and PIN functionality, providing a secure layer for a customer to authorise payments.

TAP-AND-GO

It has also rolled out the tap-and-go feature on its debit cards, which allows contactless payments with their debit cards on an NFC (Near Field Communication) enabled Equity Point of Sale machine, enhancing quicker check outs to reduce human-to-human or surface contact.

To facilitate cross border money transfers between Kenyans living and working abroad and their families at this time when air travel has been banned, Equity’s Diaspora business segment has a wide range of services tailored to suit the banking needs for money transfers, payments and investments. Leveraging FinTech innovations and strategic collaborations with global money remittance outlets, the Diaspora can send and receive money securely. This is facilitated by instant transfers to bank accounts and mobile money wallets through partnerships with global firms such as Western Union, Money Gram, World Remit, Home Send, and Wave among others.

As we continue to witness additional measures to combat the economic falling-out from Covid-19, the world of technology has proven itself to be among the most unpredictable of trends. The current pandemic will surely prove to be a time of extraordinary change, including change in behaviour. As such, it presents an unusual opportunity that, if navigated intelligently, could generate positive, tangible outcomes that accelerate existing initiatives that encourage a digital economy.