Equity Strengthens Mobile Money Security With New Float Purchase Controls as Fraud Risks Grow
Customers using the bank's digital channels will be required to pre-approve mobile money agents before transacting, a new security measure aimed at reducing fraud, preventing mistaken transfers, and giving users greater control over float purchases.
Equity Bank has introduced Secure Float Purchase, a new transaction control feature designed to help customers buy float only through approved agents. The enhancement adds a verification framework to the existing float purchase service by requiring customers to pre-authorize trusted agents before any transaction can take place.
The launch comes at a time when mobile money has become deeply embedded in Kenya’s financial system. Recent industry data shows mobile money subscriptions have surpassed 53 million while penetration has crossed the 100 percent mark, reflecting how central digital payments have become to everyday economic activity. As transaction volumes continue to grow, financial institutions are facing increased pressure to strengthen security controls around how money is moved through digital channels.
The move is intended to reduce fraud risks, transaction errors and unauthorized activity while maintaining access through Equity’s digital banking platforms.
Why the Bank Is Changing the Float Purchase Process
Mobile money usage continues to expand across retail and small business segments, creating new opportunities for convenience but also exposing customers to increasingly sophisticated fraud schemes.
Financial institutions have reported a rise in incidents involving phishing attacks, social engineering, SIM swap fraud and transactions sent to unintended recipients. In some cases, customers are manipulated into interacting with fraudulent agents or mistakenly transact with the wrong agent number.
The new Secure Float Purchase feature introduces additional controls intended to reduce these risks while improving confidence in digital transactions.
How the Secure Float Purchase Feature Works
At the center of the service is an Agent Alias List, a customer-managed directory containing trusted agents approved for float purchases.
Customers can access the feature through Equity’s digital channels, including the mobile application and web banking platform. Before transacting with a new agent, the customer must first submit an opt-in request.
The process involves entering agent details and confirming the request using PIN and one-time password authentication. Once submitted, the request enters an approval workflow before the agent becomes available for future transactions.
After approval, customers can select the agent directly from their alias list, enter the desired float amount, authenticate the transaction and complete the purchase.
The system also allows customers to remove agents from the list at any time through a secure opt-out process.
Agent Approval Becomes a New Security Layer
One of the most significant changes is the introduction of a verification stage before agents are enabled for transactions.
Under the approval framework, requests are reviewed before an agent is activated on the customer’s trusted list. Customers receive notifications informing them whether the request has been approved or declined.
The bank says the additional layer is intended to ensure that only verified agents can receive float purchases, reducing the likelihood of fraud and unauthorized transactions.
The service combines multiple security controls, including customer-managed agent authorization, PIN authentication, OTP verification, transaction references and automated notifications.
What Customers Need Before Using the Service
To access Secure Float Purchase, customers must be registered on Equity’s digital banking channels and maintain a valid mobile number capable of receiving one-time passwords.
Customers must also complete authentication requirements and ensure sufficient account balances to cover the float purchase and any applicable charges.
In addition, agents must be registered and valid within the relevant mobile money ecosystem before they can be approved for transactions.
The bank has indicated that selected account schemes are exempt from the opt-in requirement.
Reducing Fraud Risks in a Growing Mobile Money Ecosystem
The rollout comes as Kenya’s mobile money market enters a more mature phase. Industry data shows registered mobile money agents now exceed 600,000 nationwide, underscoring the growing role agents play in facilitating transactions, supporting cash movement and acting as trusted access points within communities.
As mobile money adoption approaches saturation, growth is increasingly being driven by how frequently customers transact and the range of financial services they use rather than by first-time registrations. That shift places greater importance on transaction security, customer trust and fraud prevention.
Rather than allowing unrestricted float purchases, Equity’s new model places customers at the center of transaction security by enabling them to define who they trust and transact with.
For customers, the expected benefits extend beyond fraud prevention. The use of approved agent lists can also help reduce manual entry errors, improve transaction accuracy and provide greater visibility through notification alerts and transaction tracking references.
As digital payments become a larger part of daily financial activity, banks are increasingly balancing convenience with stronger safeguards. Equity’s latest enhancement reflects a broader industry focus on protecting transactions while giving customers more control over how they interact with the mobile money ecosystem.
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