Running a business in Kenya is not a walk in the park. It is an extreme field that needs sacrifices, dedication and the will to continue holding on and moving on despite the challenges.
Something that many people do not know, is that the success of a business depends more on the type of bank you choose to work with. A financial institution that is ready to walk with you from the start and never let you go no matter the turbulence, just to see you succeed is rare to find in this country.
The coming of Equity was a blessing to many businesses in Kenya. The bank has been a turning point for both businesses that are starting and those that are already established. This has been achieved through a long and outstanding trust between the lender and the customers. As you may know, trust is the only invisible currency that runs a business.
Equity Bank, for instance, introduced the Supreme Banking product that requires clients to have a minimum deposit of 200,000 shillings. As such from its name, there also comes supreme benefits to the customer that cannot be experienced in any other bank.
Becoming a Supreme Banking customer with Equity Bank gives you the following privileges:
Have a personal relationship with Equity Bank managers
Have access and enjoy cozy branches
Have access to free, strong and secure WiFi at Supreme branches
Enjoy long and extended banking hours
Have an opportunity to choose to bank in foreign currencies.
Supreme Banking fulfills the adage that “customers are kings and queens” because the bank treats you just as such. This product is the best any SME can ever have. It not only helps you grow your finances but your business too by having a personalized relationship manager to guide you in every step.
Here are some of the Supreme Bank branches: (We shall accompany them with images)
The branch is located at Westlands Square, Ground Floor, next to Uchumi.
Located at Community, Upperhill on NHIF Building, 1st floor on Ragati Road.
Small Medium Enterprises (SMEs) in Kenya has been going through a myriad of challenges including inadequate or total absence of funding, inaccessibility to markets as well as connections.
To survive as an SME in Kenya, one has got to have thick skin and the will to always endure no matter what. In most cases, thousands have given up and lost hope in running a business.
Statistics show that at least 450,000 SME die annually in Kenya translating to 30,000 per annum and at least 1,000 daily. As if to balance off “the business”, as 1,000 SMEs close shop daily, a similar number are being set up every 24 hours.
There have been calls from various quarters to support small businesses in the country. Unfortunately, all calls often end at forums and political rallies with nothing tangible being visible on the ground.
To help an SME, stakeholders need to first ask themselves the following questions: who is an SME? What does an SME want? How does an SME operate? What is the best way to help an SME have a stable business?
Truth is, a major killer of any business in Kenya is inadequate access to credit. How can stakeholders make sure that SMEs have access to credit? Equity Group long kicked off this journey through its innovative products. In fact, 70 percent of the loan book at Equity Bank comprises of SMEs. This implies that the bank lends more to SMEs in Kenya than to any other sector.
One of the best products for SMEs, apart from the Supreme Banking, is the EazzyLoan. To get a glimpse of EazzyLoan, you first have to grasp all about Equitel. This is a mobile platform developed by Equity Group to enable their customers to do virtually all their banking transactions via mobile phones.
Through an Equitel line, one can make calls, send messages, access their bank account to either check balance, deposit cash, withdraw cash, and paying for bills and services. One can also access the internet through it.
The coming of Equitel shifted mobile banking in the country, given the number of customers the bank has and its low transactional rates playing a huge role. The recent rebranding of Equity Group, giving it a new look and putting its customers at the center of everything, elevated the banking experience to another new level.
If you are dreaming of getting a loan without filling any paperwork and having to chase people up and down to have them become your guarantors, you will have to look for an Equitel line.
The Equitel Line can be acquired from any Equity Bank branch across the country.
Once you have your Equitel line, you will be required to activate it before you can start enjoying the services. To activate the line is simple, just visit any Equity Bank branch with your original Identification Card (ID). It will take you less than five minutes to have your line up and running, ready to move your banking experience to the next level.
The reason why EazzyLoan from Equity Bank is good for Small Medium Enterprises (SME) is that it does not discriminate. Everyone who has an account with Equity Bank qualifies to have an EazzyLoan. This makes it one of the most effective products for individuals and businesses.
Before getting the EazzyLoan, ensure that you meet the following conditions:
Have an active account. This means that the account must be active/transacted within the last six months before the loan application.
Have an Equitel Line/SIM on your phone. The loan will be applied through a mobile phone and having an Equitel Line is a MUST.
If you meet the conditions above, your financial problem and your journey to getting the EazzyLoan is half solved.
Have you been looking for a loan to finance your SME? Are you an Equity Bank Customer? Do you meet the conditions above? Read on how to apply for the loan.
Applying for the loan
You are now Equity Bank customer. Your account has been active within the last six months. You have an activated Equitel line. How do you apply for the loan? Easy. Before applying, you may first want to know how much you qualify for.
To check your loan limit:
Open your Equitel menu on your mobile device
Go to my money
Click on Eazzyloan
Select loan limit and Key in your PIN
After checking and finding out your limit, it is time to apply for that loan. Here are the simple steps on how to apply for the loan from the comfort of wherever you will be:
Open the Equitel menu on your mobile device
Go to “my money”
Click on “EazzyLoan”
Open “get loan”
Enter the amount you would wish to borrow
Confirm whether your details are correct
Enter your PIN
Submit your application
Then wait as the transaction is processed
By the way, EazzyLoan is also available on the EazzyBanking App, which is available on Google Play Store or Appstore.
As an SME, you do not have to walk a lonely journey anymore. Equity Bank is here with you in every step.