Equity Bank Group has launched a new overdraft mobile loans facility. The new facility dubbed Boostika loans will enable Kenyans to overdraw their accounts by up to Sh. 100,000 to complete transactions such as shopping.
The new Boostika loans will now see Equity Bank take on Safaricom’s Fuliza loans. The loams will allow clients with insufficient balances when buying airtime, sending money or making payments for goods and services to complete their transactions.
The borrowed funds will be repayable within a period of one month at an interest rate of 8.5 per cent.
Customers with accounts that have been active for at least six months will be eligible to access the Boosting loans of between Sh. 100 and Sh. 100,000 based on their loan limits.
Equity customers will be allowed to draw multiple overdrafts for as long as the unpaid balance is within their limits.
The overdraft loans will be now available for customers sending or making payments using Equitel, Equity Mobile App or the *247# option.
This implies that the largest beneficiaries will be Equity customers who use these platforms.
“An individual’s limit is reviewed monthly to determine whether it should be increased or decreased based on the account behaviour, account transactions as well as the loan repayment history,” said Equity Bank.
Equity takes on Fuliza with new mobile overdraft loans of up to Sh. 100,000
“The Boostika option is embedded on the transaction journey when one runs low on funds when making a payment, sending money or buying airtime, therefore offering one the convenience of completing a transaction seamlessly without exiting the payment journey.”
