The Equity Bank Group has unveiled a new mobile overdraft service. The new service comes a the country’s only rival to Safaricom’s Fuliza overdraft.
Unlike Fuliza though, customers will be able to access higher limits of up to Sh. 100,000 on the Equity Bank’s mobile overdraft.
“Discover how Equity’s instant top-up solution works when using *247#, Equitel, and Equity Mobile App to make your payments, send money or buy airtime,” said Equity in a public announcement on Twitter.
The new mobile overdraft product is part of Equity’s move to stir financial inclusivity in the country and boost the conventional market due perceived high level of risk.
It comes with flexible repayment periods of up to 30 days.
Interestingly, unlike Fuliza that makes automatic deductions the moment you load your M-Pesa with cash, the Equity facility will not make automatic deductions within the 30-day repayment window.
Under the product, customers will be able to borrow as many times as possible via the Equity mobile app, Equitel line, or by dialing *247#. This loan service will support transaction completion on Paybills, Till numbers, and person-to-person transactions.
Equity Bank is currently the most profitable bank in the East and Central Africa region. It is also the most valuable bank at the Nairobi Securities Exchange as per market valuation.
For instance, a look at its financial results shows that the Group’s net profit for the half year ended June grew 7.8 per cent to Sh. 26.3 billion on increased interest and non-interest income. In that period, net interest income grew by 16.6 per cent to Sh. 46.4 billion on increased lending while non-interest income rose by 42.9 per cent to Sh. 36.5 billion.
The new mobile overdraft service comes hot on the news of a digital banking transformation the bank is currently carrying out.
For instance, the bank’s new Equity Mobile App and Equity Online platforms are highly scalable, versatile, and efficient, provides financial, saving and borrowing services.
These platforms provide customers with complete visibility on their account details, statements and so much more, while offering them with a superior experience, added security and features that guarantee them safety while making their transactions.