Equity Bank has raised the amount of money Equitel customers can borrow by 15 times. Under the new loan platform dubbed “Eazzy Plus Loan”, Equitel customers can now borrow Sh3 million compared to the previous Sh200,000 with the maximum repayment period now stretched from a month to 12 months.
In 2015 Equitel’s 1.7 million customers transacted a total of Sh151 billion while the value of Equitel loans stood at Sh8.5 billion, according to the lender. According to Equity Group chief executive James Mwangi, Equitel is expected to carry out five more times the number of all current transactions.
“We believe that in the next few years Equitel will do five more times the number of transactions of all other channels put together,” said Mr. Mwangi.
Equitel transaction platform was unveiled in August last year with the bank noting that I.9 million customers used it to apply for loans through phones compared to 533,000 who applied physically.