With normal business operations hurtling towards a complete shutdown, there is a silver lining for Equity Bank customers. 11The lender has announced that customers will soon access personal and small business loans digitally on their mobile, internet and credit cards.
Interested customers will be notified of their loan limits by 31st March 2020 to enable easy access to this offer.
Equity Bank, like all other big lenders, is already offering free bank to mobile wallet transfers as well as no charge for customers using their cards to pay bills, utilities, shopping and fuel as well as other services.
The lender has also activated digital account opening and management of its mobile and internet apps, to enable its customers to operate during lockdowns and other COVID-19 related disruptions.
As per agreements between Central Bank of Kenya(CBK) and the banking industry, Equity Bank customers with existing loan facilities who may require to renegotiate them, are advised to engage the lender.
“These are challenging times. At Equity, we empathize with and appreciate the unprecedented scale of social and economic disruption to the daily lives of our members and fellow Kenyans. The Board and management of the Bank, therefore wholeheartedly welcome the clear directives and advisories issued by the Government and CBK to help alleviate the pain being felt across the country,” said Dr James Mwangi, Equity Group MD and Chief Executive.
Equity Bank Debit and Prepaid cards, both Visa and MasterCard branded, are now contactless. This enables customers to access their cash without using an agent’s terminal.
The lender is offering various online and digital platforms that will enable forex trading and web banking for chamas, groups, small businesses as well as individuals.
Equity Bank is offering more to its customers after Kenya Bankers Association (KBA) lobby group adopted guidelines to secure safety of bank account holders during this unprecedented time as Kenya responds to COVID-19.
Following a meeting between bankers and CBK on 18 March 2020, lenders have already began adjusting their systems and working to deliver on the commitment. Affected customers will get relief on loans, including extensions in repayment periods and other restructuring arrangements.
KBA encourages banks and the banking public to go cash light through the use of debit cards, mobile banking, and internet banking.
The lobby warns that electronic thieves are on the prowl and could take advantage of the prevailing situation to gain access to bank accounts through COVID-19 related scams.
Customers are warned not to click on links within emails from unverified sources, respond to unsolicited SMS messages or provide their financial information to unverified callers.
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