NAIROBI, Kenya, May 23 – Equity Bank customers will now be able to transfer funds through their Visa cards without the recipients of the money being charged unlike in other money transfer services.
Equity Bank launched the new money transfer service dubbed Visa Personal Payments in partnership with Visa Kenya.
Equity bank Chief Operating Officer Julius Kipng’etich said it will help consumers send funds directly to recipients with Visa cards both locally and internationally.
“Equity Bank is the first bank in Africa to offer the Visa Personal Payments sending capability. The new service will give customers more value and will help promote social economic prosperity of the people of Africa,” he said.
“Senders can use Visa Personal Payments to make person-to-person payments, send funds to friends or family members or make account transfers,” he added.
For consumers to make a transfer, they need only the recipient’s 16-digit Visa card number in order to make the transaction.
He pointed out that the service will give Equity Bank Visa cardholders the ability to receive funds at no cost, almost instantaneously, from any participating financial institution originating Visa Personal Payments without the need to visit a branch or agent location.
The service will also be available at Equity Bank’s Mobile and Internet banking channels in the near future.
“Transfers are securely processed over the Visa network to the eligible Visa card, and the funds can be used at more than 29 million merchants and 1.6 million Visa branded ATM’s around the world,” he said
Visa Head of Emerging Products and Innovation in Africa Dougie Henderson said that Visa was committed to bring innovative products that promote safety and convenient transactions in the country.
“There are 6.2 million Visa cards in circulation in Kenya and we are confident the launch of Visa Personal Payments will improve Visa cardholders banking experience. This kind of innovation demonstrates Visa’s commitment to projects across the continents that are aimed at improving the banking lives of Africa’s populace,” Henderson said.