Managing money collectively requires trust, accountability and a reliable banking system.
For churches, public schools and self-help groups, keeping track of contributions, approving withdrawals and ensuring funds are used for their intended purposes can be challenging without the right financial tools.
A suitable group bank account can help simplify these responsibilities by providing a secure way to receive contributions, manage savings and oversee expenditure.
Equity Bank, through Equitel, offers a Group Account to help non-profit institutions and organised groups manage their finances while making transactions more convenient for authorised signatories.
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How the Group Account works
The Group Account targets organisations and groups that manage funds collectively, including churches, public schools and self-help groups.
It provides a central place to hold and manage group funds. Through Equitel’s multiple-approval feature, account signatories can initiate and approve withdrawal requests using their individual PINs.
This means groups maintain oversight of their funds without requiring all signatories to be physically present for every transaction.
Four reasons to consider opening the account
- No operating balance requirement
Groups can open and operate the account without maintaining a specified minimum operating balance. This may be useful for organisations that depend on irregular contributions or have limited funds.
- No withdrawal charges
The account offers withdrawals without charges, helping groups avoid the stated withdrawal costs when accessing their money.
- Access to customised loans
Account holders can access customised loan facilities, providing a potential source of financing for eligible group projects and other approved needs.
- Multiple approval for added security
The multiple-approval feature allows authorised signatories to participate in approving withdrawal requests through Equitel. This helps strengthen oversight of group transactions.
How Equitel’s multiple-approval feature works
The feature aims to make joint account management more convenient while maintaining authorisation controls.
First, an authorised user initiates a cash withdrawal request through the Equitel menu. The request is then forwarded to the other designated account signatories, who enter their individual PINs to approve the transaction.
This process eliminates the need for signatories to meet physically to approve a withdrawal. The feature also allows groups to retain a shared approval process when accessing their funds instead of relying on one person to make withdrawal decisions independently.
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Documents required to open Equity Bank Group Account
Groups seeking to open the account need to prepare the following documents:
- Group Registration Certificate: Proof that the group is registered.
- Group constitution: The document outlining the group’s rules, structure and operations, as required by the relevant District Social Development Officer (DSDO).
- Certified meeting minutes: Minutes of the meeting at which members resolved to open an account with Equity Bank. The minutes must be certified by the DSDO.
- Introduction letter: A letter from the DSDO introducing the group.
How to open the account
To get started, applicants are required to visit the nearest Equity Bank branch with the required documents and complete the account-opening application form.
The bank will then process the application, after which the group can begin using the account once it has been approved and activated.
