Financial Inclusion: Equity Bank, Master Card Launch New Prepaid Card in Kenya

Wednesday, February 25, 2015

In a manner of speaking, Africa can mentor the rest of the world on mobile money based on the number of such solutions that have been successfully planted on the continent in the past half-decade. In a very recent development, Equity Bank Kenya has, in conjunction with MasterCard, launched a prepaid card with the central aim of deepening the cash lite economy in the east African country.

This new solution enables customers to pay for their shopping and bills in all retail outlets accepting Equity Cards and MasterCard; they can also withdraw cash at Equity ATMs in all the five countries where Equity Bank operates, and from all Automated Teller Machines (ATMs) worldwide that accept MasterCard. After a successful roll-out, holders of the Equity prepaid card will also be able to pay their fares in trains, buses and taxis home and abroad using the card.

Cash can be loaded onto the card at any Equity bank branch or agent, after which the customer can enjoy all the services that the card provides.

While commenting on the new product, Equity Bank CEO James Mwangi said its features included the MasterCard contactless technology, which offers consumers a ‘tap and go’ option ideal for environments where speed and convenience matter most.

“The launch of an Equity Bank prepaid card in conjunction with MasterCard further confirms our commitment to deepen the local cash lite economy as part the Equity 3.0 strategy. At Equity Bank, we are sparing no effort to build solid bridges to create a pathway for digital financial inclusion while fuelling the growth of a cash lite economy that encourages electronic payments both for bills, transport and retail payments,” he said.

For the purpose of facilitating the Equity 3.0 strategy, the bank aims for a 96 percent transition to a cashless ecosystem for its customers. This transition will also be anchored on current plans by the bank to commercially unveil its mobile virtual network operation within the year.

Source: Ventures Africa (link opens in a new window)

financial inclusion