Business

Equity unveils product to compete with Safaricom’s Lipa na Mpesa

By Justus Karanja

Equity Bank has rolled out another game-changer in the fast evolving digital financial market.

The bank unveiled its new all-in-one payments solution dubbed One Equity which will compete with Safaricom’s Lipa na M-Pesa.

Dubbed One Equity, the new product offers businesses a single till number that allows customers to make payments via M-Pesa, Airtel Money, PesaLink, Equitel, and the Eazzybanking app.

The product eliminates the need for business owners to acquire multiple till numbers from telcos and financial service providers.

It also integrates QR code payments for customers wishing to scan-to-pay via payment channels including Equity’s Eazzybanking App, M-VISA, Masterpass QR and UnionPay.

Currently, Safaricom’s Lipa na M-Pesa, a solution with over 302,000 active till numbers as of July 2021, dominates the Kenyan market.

Equity Bank in a statement stated the One Equity would make it convenient for both small and large businesses to collect their payments directly in their bank accounts, without having to make multiple transfers from mobile wallets to bank accounts.

The bank noted that merchants would be able to access the funds instantly in their bank accounts at no charge.

 Equity further stated that there was no limit to the amount of money a merchant can receive.

 “The centralised collection account will, in turn, improve their credit score thus enabling merchants to access higher credit facilities from the bank to enable them to expand their businesses,” the bank noted.

Early this months, the bank announced a reduction in the duration it takes to settle PayPal withdrawals from 3 Business days to just 24 hours or one business day.

The development now allows Equity to offer the fastest PayPal settlement period in the country enhancing efficiency for the increasing number of Kenyans who receive payment through the international payment solutions provider.
Equity Bank, which currently offers the only bank withdrawal service in the country, enables PayPal account holders to withdraw funds paid from their registered PayPal accounts straight to their Equity Bank accounts in either KES or USD, excluding credit card accounts.

Equity Bank Managing Director, Gerald Warui (pictured), hailed the new product as a game changer.

 


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