In Kenya’s increasingly 24/7 economy, businesses face unique challenges, specifically those that still handle large sums of cash and operate beyond regular banking hours.
From wholesalers to large retailers, the challenges of depositing daily earnings outside of regular banking hours can disrupt operations while having cash on-site can create security concerns. Equity Bank recognizes this challenge and offers a streamlined solution through Cash Deposit Machines (CDMs). These machines enable seamless cash deposits, offering convenience while enhancing security and reducing risks associated with cash handling.
What are CDMs? CDMs are self-service ATMs for cash deposits, offering a convenient alternative to traditional banking, freeing up your time to focus on your business. Equity Bank’s CDMs enable safe deposits anytime, any day.
The CDMs facilitate seamless business operations by enabling cardless transactions. This feature mitigates disruptions caused by lost, blocked, or expired ATM cards. They are also accessible to all Equity Bank customers and deposits can be made by other people other than Equity account holders including buyers, shoppers, tenants etc.
Benefits of Using Equity Bank CDMs
Equity Bank CDMs offer numerous advantages:
- Immediate Deposit:Â Deposits reflect instantly in your account.
- 24/7 Convenience:Â Deposit cash anytime, even past banking hours.
- Security:Â CDMs are in enclosed cubicles with 24/7 camera surveillance.
- Free Transactions:Â Cash deposits are free.
- Instant Receipt and SMS Notification:Â Receive an SMS notification and an automated receipt.
Deposit Limits
Equity Bank’s CDMs allow you to deposit funds into your account or any valid Equity Bank account, accepting only Kenya Shillings in note denominations of Ksh. 50, 100, 200, 500, and 1000, with a minimum deposit of Ksh. 50. The maximum deposit per account per day is Ksh. 2 million, but any deposits exceeding Ksh. 1 million will require you to provide the necessary documentation at an Equity Bank branch the same day or the following day.
Step-by-Step Guide: Depositing Cash at an Equity Bank CDM
- Locate a CDM:Â Find the nearest CDM.
- Select Transaction Type:Â Choose “Normal Account Deposit.”
- Account Validation:Â Enter the Equity account number and confirm.
- Account/Name Confirmation:Â Verify the displayed account information.
- Depositor Details:Â Enter the name, deposit purpose, and mobile number (minimum 6 characters each for name and purpose, mobile number in the format 07xx xxx xxx).
- Note Placement and Counting:Â Place notes neatly in the slot, facing the same direction. Press ‘Count.’
- Transaction Confirmation:Â Confirm the total amount. Repeat counting if needed.
- Finish:Â Press “Accept” to confirm the deposit, then “Finish” to complete. Get your receipt.
Finding an Equity Bank CDM Near You
Equity Bank CDMs are often located within Equity ATM lobbies. The bank is expanding its network; currently, 69 CDMs are operational across Kenya, including major towns like Nairobi, Mombasa, Kisumu, Nyeri, Meru, Nakuru, Machakos, Kisii, Kiambu, Kericho and Kakamega.
In Nairobi, Equity Bank has CDMs in the following areas: Garden City, Gikomba, Kasarani, Buru Buru, Embakasi Taj Mall, Tea Room, Kangemi, Githurai, Tom Mboya, Kahawa West, Kitengela and Kawangware.
You can find your nearest CDM through the Equity Bank’s ATM locator. Simply click here [Locate Us | Equity Bank Kenya]
Security Tips for Using Equity Bank CDMs
To enhance your security:
- Be aware of your surroundings.
- Report any suspicious activity.
- Contact Equity Bank Customer Contact Center at 0763 000 000 or email [email protected] in case of any challenges.
Take control of your finances with Equity Bank CDMs! Enjoy 24/7 convenience, secure transactions, and free deposits. Find an Equity Bank CDM near you now!
