Announcements

Equity bank’s USSD *247# now works across all networks

Equity has announced that its USSD service (*247#) – which offers its customers a seamless banking experience – can now be accessed across Safaricom, Airtel, Telkom and Equitel. The service, the bank explains, has been enhanced to offer simpler customer journeys.

Here are some of the new features on the *247# platform:

  • Access to instant loans that range between KES 100 and KES 3 Million
  • Self-registration or onboarding of both existing Equity and non-Equity customers on the service
  • Customers being able to save or maintain recipient’s bank details which makes it easy and convenient to do repeat transactions.

The *247# USSD service allows customers to access their bank services with any mobile device – whether a feature phone, or a smartphone.

Equity has also recently rolled out its upgraded Equity Mobile App which is available on both Android, iOS and the through a browser-accessible portal. Previously known as EazzyNet, the revamped app seeks to provide a seamless customer experience across all banking channels.

Advancements in technology continue to transform the banking sector and Equity has leveraged on this to give customers choice and freedom to access and operate their accounts.

This has progressively led to consumers preferring to carry out most of their transactions digitally as opposed to going to the branches. According to the recently – released 2021 Q3 results, out of the 975.1 million transactions processed for the 9 months in the year, only 30.1 million transactions or 3% of all transactions were handled by branches and ATMs with the digital bank handling and processing 945 million transactions or 97% of all the transactions with the self-service customers’ own device mobile channel handling and processing 90% of digital transactions.

During the release of the 2021 third-quarter results, Equity Group Managing Director and CEO, Dr. James Mwangi said, “COVID has acted as a tail wind to the adoption of digital banking making us transform into a Big Tech in the financial services sector. The Group is increasingly shifting from its legacy brick and mortar model of branches and ATMs to self-service model of client’s own electronic devices or third-party infrastructure as more customers opting for cashless transactions.”

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Dickson Otieno

I love reading emails when bored. I am joking. But do send them to editor@tech-ish.com.

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