Equity Bank waives mobile banking transaction fees

Equity Bank has Tuesday waived mobile banking transaction fees in line with their strategy to drive innovations through e-payments, and in support of government drive on cashless payments to mitigate the transmission of Coronavirus.

The waiver will be in effect up until 30th June 2020.

The waiver applies to the following mobile banking services

  • All Equity to Equity Mobile bank transfers – FREE
  • All Bank to Mobile Wallet transfers – FREE
  • All Mobile Wallet to Bank transfers – FREE
  • Customer Payments using Equity Cards – FREE
  • Mobile payments for Bills, Utilities, Shopping, Fuel, etc. – FREE
  • Mobile balance and limit enquiries – FREE

Short term personal and microloans will also now be processed digitally on mobile, internet and credit cards. Credit limits for personal and micro customers will be pre-marked for easy and automatic access for existing account holders by 31st March 2020

Equity has also introduced digital account opening and management on their digital channels including Mobile App and Internet.

Customers with existing loan facilities who may require accommodation are being urged to engage Equity through contact centre (0763 063 000), on email or speak to Branch Managers and/or Relationship Managers.

Equity has also inked a deal with Pete’s Café outlets located in Nairobi

The bank’s customers will benefit also benefit from a deal inked with Pete’s Café outlets located in Nairobi for take-away meals and home deliveries as per the set guidelines during this period.

The offer inked runs from 1st April to 30th June 2020

Customers are set to benefit as follows;

  • Placing their meal orders with any Equity Card and get free delivery via Glovo.
  • Walk-in for takeout, pay with any Equity Card and get a 10% discount.

The Bank’s business model continues to evolve from a fixed to a viable cost business model leveraging off variable cost 3rd party infrastructure such as merchant banking.

Equity has been successful in this through Universal Point of Sale that converges the mobile wallets, cards and digital payments. In 2019, Equity recorded a 13% growth in commissions through its wide network of merchants.


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