With advances in technology, customers have moved away from carrying out their transactions in the banking halls to utilizing mobile banking due to the convenience it brings. As a matter of fact, a report released by the Kenya Bankers Association indicated that six out of 10 customers preferred mobile banking.
Equity Bank launched its mobile banking offering back in 2016 and over the years it has grown to become one of the most downloaded banking Apps with over 1 million downloads. Last year, the platform’s transactions grew by 393% to 131.5 million hit transactions, while the volume of business transacted grew by 281% to Kes 524B. Today, 99% of all Equity customer transactions happen outside the branch network as per its third-quarter financial results.
Essentially, Equity mobile app offering is not just an App but your personal financial assistant, tailormade to simplify, enhance, and secure your financial journey.
Here are some of the features which make the Equity Mobile App a must have.
Digital Lending
Being that the App is essentially a bank in your hands, customers can Apply for and receive loans of between Kshs. 100 and Kshs. 3 million instantly on their devices. One can also be able to monitor their loan limit, loan status, loan balances and make repayments using the same channels.
Security
As with all other banking services, Equity Bank has invested in ensuring that the App is secure to prevent one losing their funds.
Here are some of the features.
- Biometric Authentication: The App leverages cutting-edge biometric authentication methods like fingerprint recognition and facial scanning, adding an extra layer of security to your account access.
- Two-Factor Authentication (2FA): The App employs 2FA to ensure that only authorized users have access to your accounts.
- Advanced Encryption: Robust encryption techniques safeguard your data during
transactions and while stored on your device. Your sensitive information is shielded from
potential threats. - Monitoring and Alerts: The Equity Mobile App continuously monitors your account for any unusual activity and sends alerts to keep you informed.
- Customer Support: The Bank has a dedicated customer support team is ready to assist you with any concerns or issues related to the App’s security or functionality.
Account Opening
The Equity Mobile App promises convenience like never before with one being able to perform almost all the transactions that one would normally find in a physical branch. With the App, one is able to open an account and even start transacting without having to step into a branch.
The App allows you to register, upload your identification documents as well as your mobile number. These are then verified after which you are sent the account number and PIN after which you can operating it. Talk about convenience.
Payments
Nowadays, mobile banking has become so popular that most often than not one forgets to carry physical cash around. This is because it has made making payments as well as receiving funds from anywhere in the country to be such a breeze.
The Equity Mobile App enables one to access all the payment options that one would normally find in a physical branch. These include fund transfers to other accounts both within Equity and to other banks. One can also be able to make payments via the various Paybill and Tills as well as buy airtime. The App also enables one schedule recurrent payments to other accounts within the Bank as well as other banks.
Savings
Other than just transacting, the App also enables one to save their hard-earned funds through their classic savings and goal savings accounts. These accounts allow one to put away funds that one is saving up for say a specific project like a buying a piece of land or even a car. With the beauty being that the funds that you put in these accounts are earning an interest.
Investment
Other than just saving, the App also allows one to invest their money from the comfort of their home. This is in the form of fixed deposit and call deposit accounts. With the fixed deposit account, one is able to lock away their money for periods of time between one to twelve months. During which the funds earn interest depending on the amount.
With Call deposits, one is able to deposit a principal amount which earns interest with the difference being that you can access your funds at any time. For both investment options the minimum amounts is Ksh. 50,000.
Paypal & Western Union
The gig economy is thriving in our country as more and more people take on remote jobs. Given the fact that these jobs are abroad a majority of the companies prefer to pay their employees using money transfer services like Paypal and Western Union. This makes these services a must have for those who are employed in this sector.
In the App, one is able to link their account to Paypal which enables them to transfer their funds with ease. As for Western Union, once you get a tracking number from the sender, you can be able to transfer the funds from the platform directly to your account without having to visit an agent.
All in all, the Equity Mobile App is not just a banking App but a comprehensive financial companion designed to bring convenience to your life. Download it today and get a chance to experience the future of banking at your fingertips.