Equity Bank has made some new updates to its USSD service (*247#). The bank says the newly updated USSD will now offer a unified service offering across mobile networks –Safaricom, Airtel, Telkom and Equitel.
The new update now makes it possible for customers to access instant loans that range between Kes.100 and Kes.3million. Customers will also be able to save or maintain recipients’ bank details which makes it easy and convenient to do repeat transactions.
The new USSD update also now allows for self-registration or onboarding of both existing Equity and non-Equity customers on the service
Since the advent of COVID-19, individuals and businesses are rapidly adopting the use of technology to confront the challenges and risks posed by the pandemic to remain afloat and continue to serve their customers.
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.”
The Bank has rolled out its upgraded Equity Mobile App (available on Play Store and App Store) and online banking platform Equity Online, previously known as EazzyNet, to provide a seamless customer experience across all banking channels. Customers can send money, transfer funds, borrow loans, print statements among many other services at the comfort of their mobile phones, laptops, desktops etc at home, office or anywhere.
According to its 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.