The agency banking that was approved by the central bank some two years ago is a platform used by over six banks including, CRDB bank, Postal Bank, Equity Bank, DCB Bank and Maendeleo Bank. CRDB Bank Managing Director Charles Kimei said for instance agents under FahariHuduma managed to increase open over 6,000 new accounts. “Though
African Development Bank (AfDB) and Equity Bank (Kenya) Limited (Equity) have signed an agreement for a US $148-million multi-sector senior Line of Credit to facilitate onward lending to key economic sectors in Kenya. The Line of Credit (LoC) extended to Equity Bank Kenya by AfDB is expected to boost Kenya’s private sector development through financing
The European Investment Bank (EIB) has approved a € 50 million credit line to Equity Bank to facilitate onward lending to Small and Medium Enterprises across the region. Speaking at the signing of the facility, Equity Bank Group Managing Director Dr. James Mwangi said, the funds received will be commercially advanced to eligible SME players
The Authority has allowed Finserve Africa Limited, a subsidiary of Equity Bank to roll-out its services using the thin SIM technology, for a one year trial period. This follows contention by Mobile Service Provider, Safaricom over the use of the technology in the Kenyan market, citing possible security flaws. Addressing the press, CA Chairman Ngene
The Communications Authority of Kenya has cleared Equity Bank to start operations of its mobile phone and cash transfer service before it resolves a petition filed by leading telecommunications provider Safaricom, which is was opposed to the bank using ultra-thin SIM cards. According to the Business Daily, the CAK maintains Equity will only be able
Kenya’s Equity Bank hopes the launch of its mobile virtual network will remove confusion from the country’s mobile financial services sector, and aims to have all consumers using two SIM cards on their mobile. HumanIPO reported in April the Communications Authority of Kenya (CAK) issued mobile virtual network operator (MVNO) licences to three applicants, including
Kenya’s Equity Bank plans on issuing subscribers with ultra-slim SIM cards to access mobile money accounts provided by the bank while saving users the trouble of migrating networks, according to a report. The company was last monthgranted a mobile virtual network operator licence by the Communications Authority of Kenya (CAK) and this weekannounced its rollout
Equity Bank has unveiled its Mobile Virtual Network Operator (MVNO) strategy and rollout plan that is set to launch in July 2014. Equity Bank has hailed their MVNO as the ‘next big thing’: Equity 3.0. The Equity MVNO accords Equity Bank the opportunity to continue its mission of furthering financial inclusion and innovative service offerings
Equity Bank has doubled their over the counter withdrawal fees recently in a bid to encourage the use of alternative banking channels such as agency outlets and mobile banking. Equity hopes that this will decrease congestion in bank branches and reduce their teller to customer ratio. The cash withdrawal charges have gone up from Sh50
Regional financial services provider Equity Bank Group has returned to its traditional growth path by recording a 21% growth in its first quarter performance amidst a challenging operating environment. Emerging from a depressed operating economic environment as well as challenges posed by the recent political skirmishes in South Sudan, Equity Bank pre-tax profits for the
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