Equity Bank has increased the amount which its customers can borrow using their Equitel Mobile Banking from Sh.200,000 to Sh.3 million.
The new product dubbed “Eazzy Plus Loan “adds up to 15 times from the previous amount Which Equity bank customers could borrow previously. The period for repayment has also been increased from one month to 12 months.
Equity bank sad that the product was brought forth as a response to its Equitel customers who had requested for it. Equitel becomes the highest mobile banking lender in the mobile banking market in the country.
The bank revealed in August last year that 1.9 million of its Equitel customers used the platform to make most of their transactions as compared to the 533.000 customers who applied loans physically. In the same year, its ATM usage came down to 30.4 million transactions, which was calculated to have reduced by 6 per cent.
Equity Group Chief Executive James Mwangi said that the platform will benefit its users as most of them prefer use of mobile money service as compared to physical transaction. He added that increased period of loan repayment to one year will give customers some ample time of paying back the loans without too much pressure.
Mobile transactions have become very popular in the country adding to over 70 per cent of transactions taking place in the country. Most Kenyans prefer use of mobile money transfers since they tend to be easy to access as the services can be accessed from anywhere and anytime.
Article by Vera Shawiza.