Equity Bank is targeting to enlist about 1 million merchants in the next three years with an aim of increasing mobile money accessibility through EazzyPay new service.
Kenya's biggest bank enters merchant payments sector
Equity Bank has launched a new frontier in for its mobile banking services. The bank is launching a massive effort in the merchant payments sector aiming to recruit over 1 million clients. Given its already huge customer base it will be interesting to see how its inter-operable service will affect the existing players.
Unveiling the development, the Bank’s CEO James Mwangi said that “Merchants will be charged an average of 1% commission of the transaction services but for the customer, it will be totally free,”
He said that the bank is recruiting kiosks, shops, supermarkets, airlines, petrol stations, hotels, canteen and schools at the rate of 1,000 merchants per day.
To pay for goods and services, customers can pay using their Equitel mobile lines, from Eazzy App downloaded from Google Play or Apple App store or from any other money platform like Safaricom or Airtel money but will need an assigned Eazzypay Till Number.
He emphasized that, EazzyPay service will allow the cash paid to reflect in their accounts in real time, and in turn reduce the risk of stressing over working capital experienced between when the transaction occurred and when cash paid is accredited to merchants account.
In addition, merchants will earn an extra income in commission from Cash Back services possible with EazzyPay and airtime sales for all telecom operators. The Cash Bank service will also allow customers to shop and withdraw cash at the same time.
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