Bank comes up with 'Fanikisha Machinga' collateral free loans

23Jun 2021
By Guardian Reporter
Dar es Salaam
The Guardian
Bank comes up with 'Fanikisha Machinga' collateral free loans

IN a bid to speed up financial inclusion as per the government agenda, Equity Bank Tanzania Limited has digitised transactions with the launch of a Visa enabled easy card.

Equity Bank Tanzania’s managing director, Robert Kiboti and some senior staff during the launch of a Visa enabled easy card in Dar es Salaam yesterday. Photo: Guardian Correspondent.

Unveiling the new card in Dar es Salaam yesterday, Equity Bank Tanzania’s Managing Director, Robert Kiboti said the new prepaid debit card is designed to offer a range of payment options that allow individuals and companies to control and improve the management of funds.

Kiboti said in addition, the new card is also aimed at providing customers and non-customers with an alternative banking card that allows for safe, secure and seamless electronic transactions hence doing away with cash payments.

“Equity Bank Tanzania is committed to extend financial inclusion for the unbanked and under-banked in the region. As the country is pushing towards a cashless payment’s economy, it is our mission to provide secured and convenient financial solutions that permit seamless online transactions,” he said.

According to Kiboti, customers and non-customers using the Equity Easy Card can only spend what is loaded on their cards for goods and services hence easily control unnecessary expenditure. “The card can be simply loaded with balance and used for expenditure such as purchases, payment for utility bills, online shopping, ticket bookings and cash withdrawal at ATMs,” he added.

He revealed that in order to get the new card, one does not need to have an account with Equity Bank because it is not linked to any bank account. The Visa-powered card comes with a contactless EMV chip allowing customers to do tap-and-go payments for authorized amounts. The cards can be used for free on ATM cash withdrawals and online payments at merchants’ platforms and point of sale terminals across the country.

Being members of the Visa International network allows Equity Bank pre-paid cardholders to use it worldwide for over 40 million points of sale terminals in over 210 countries and territories where VISA is accepted, the MD noted.

Speaking about means to load and replenish the cards, Mr. Kiboti said; “The card can be funded through our mobile banking services of easy banking and internet, Equity Bank wakala, mobile money or physical visit at any of the bank’s branches.

About future innovative financial solutions, Kiboti said, “We remain focussed on building new partnerships and collaboration with government and private entities for continuous innovation to offer our customers and the whole market at large, a differentiated banking experience.” In order to register for the new card, one needs to have a national identity number.

Equity Bank Tanzania Limited is a subsidiary of Equity Group Holdings Plc, which has other banking subsidiaries in Kenya, Uganda, South Sudan, Rwanda, Democratic Republic of Congo (DRC). Equity Bank Tanzania Limited started operations in 2012 and has currently 15 branches across the country with over 3,500 agents serving a customer base of over 500,000 accounts.

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