, NAIROBI, Kenya, Feb 23 – Equity Bank Kenya has launched a prepaid card in conjunction with MasterCard that seeks to deepen the cash lite economy in the country.
The new prepaid card enables customers to pay for their shopping and bills in all retail outlets accepting Equity Cards and MasterCard, as well as withdraw cash at Equity ATMs in all the five countries where Equity Bank operates, and ATMs worldwide that accept MasterCard.
Holders of the Equity prepaid card will also be able to use the card to pay their fare in trains, buses and taxis in Kenya and while travelling abroad.
The card holders will need to load convenient cash amounts at their nearest Equity branch or agent.
Once loaded, the card holder will enjoy cash withdrawals at any Equity Bank ATM or any other MasterCard accepting ATM globally.
Equity Bank CEO James Mwangi said among the features include 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,” Mwangi said.
As part of this agenda, Mwangi reiterated that the bank is targeting a 96 percent transition to a cashless ecosystem for its customers.
The transition will also be anchored on the bank’s ongoing plans to commercially unveil its mobile virtual network operation in coming months.
On the travel front, Kenyans can get the cards for their own use, and they can also get it for their children to use for payment of their bus fare.
The prepaid card is being issued instantly and for free and is available to both Equity Bank account holders and non-equity bank account holders.
The card is available in branches and Equity agent locations.
“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 added.
He also said that in order to give existing Equity bank account holders convenience, all other Equity cards ( Equity Visa card, Equity MasterCard with Paypass, Equity Amex cards) have also been enabled to pay for bus fare.