Equity Bank has waived mobile banking transaction fees up to June 30 to support people during the ongoing pandemic. In essence, the bank aims to promote innovations through epayments to strictly follow the lockdown to eventually curb the spread.
It is reported that the waiver applies to mobile banking services such as equity to equity mobile bank transfers, bank to mobile wallet transfers, mobile wallet to bank transfers, customer payments using equity cards, mobile payments for bills, utilities, shopping and fuel and mobile balance and limit enquiries.
Equity bank said in a notice, “These are challenging times and we empathise with and appreciate the unprecedented scale of social and economic disruption to the daily lives of our members and fellow Kenyan. The Board and management of the Bank, therefore, wholeheartedly welcome the clear directives and advisories issued by the Government and CBK to help alleviate the pain being felt across the country. Equity will fully support these initiatives.”
It appears that short term personal and micro loans will be processed digitally on mobile phones, online and credit cards. Limits for customers will be specified in advance for swift and easy access for existing account holders. The bank’s measures are aligned with the Central Bank of Kenya. In fact, all mobile carriers have waived transaction fees for under Sh 100 so far, media reports said. Now the bank’s debit cards prepaid cards and point of sales are contactless.