What is Airtel Money and How Does It Work?March 15, 2016
Top 5 places to invest in Kenya todayMarch 15, 2016
What is Equitel Money and How Does It Work?
The upshot of digitization places an overwhelming burden on people who have to familiarize themselves with the various ever-changing new technologies. With this realization, modern technologies are made simpler and user-friendly. One financial provider in Kenya is doing this, say hello to Equitel, a Mobile Virtual Network Operator easing the lives of Kenyans.
Equitel, barely a year old in the market has had positive feedback and high usage, proving its endearment to all walks of life, thanks to its convenience and simplicity. If you haven’t yet subscribed to Equitel, and are considering, here is a dissected guide to get you started to the quick and easy road to handling your finances and staying connected to your circles.
What is Equitel anyway?
Equitel, a subsidiary of Equity Bank runs on Airtel mobile network. It operates using a 0.1mm thin SIM technology and converges mobile and banking services. The thin SIM technology allows a simultaneous two-fold telecom service usage. Equitel has pioneered the Kenyan banking front by combining the best of mobile and banking services to provide ‘more Freedom, Choice and Control’
Opening an Equitel Account
You have to be an Equity Bank customer before you can open an Equitel account to enjoy its numerous benefits. If you are not a registered Equity Bank customer, you can easily become a customer. The first step is singing up with Equity, by visiting any Equity Branch or Agent to get signed up. Alternatively, you may open an Equity Bank Account using your mobile phone, by dialling *247# and following the steps provided.
How it works
After opening an Equity account, you can then pick up the Equitel thin SIM from any Equity Branch at Ksh500 only. The great advantage with Equitel is that it conforms to your phone, meaning you do not need to buy a new gadget. Simply embed Equitel’s thin SIM to your ordinary phone SIM- you may remove and return the SIM whenever you like. However, if you already have a Dual-SIM phone, you may opt to buy a standard SIM. Once inserted, new users will need to activate their Equitel SIM to access banking services by inputting an activation code which will be sent via SMS. The code is then put in the part it reads Equity, after which one sets and confirms their PIN. Once confirmed, your SIM tool kit, the app that contains all of Equitel services needs to be updated. You will then be notified not to use your phone for 20 minutes after the update.
Getting started with Equitel
Once activated, you may now access the numerous banking and telecom services offered, which are categorized into 3 menus; My Money, My Phone and My Life. My money segment has to do with all financial services. My Phone provides telecom services while My Life gives you useful and informative content straight to your phone, including health and finance.
As mentioned earlier Equitel’s My Money offers a number of financial services and allows you to carry out financial transactions. Access your bank accounts anywhere and anytime, without having to go to a bank or ATM to withdraw money. Sending money to another line or bank account is just a click away with Equitel. Other tasks you can carry out are paying bills, goods and services, saving money, applying for loans and stopping cheques.
Similar to a normal SIM, an Equitel user can make calls, send SMS, buy bundles and use the internet. All this is made possible by purchasing Equitel airtime.
What are the charges?
Buying airtime- no cost
Checking account balance- no cost
Changing PIN- no cost
Purchase data bundles- no cost
Sending money to Equity bank- no cost
To Equitel- Ksh2 per min
Other networks- Ksh4 per min
Within East Africa- Ksh4 per min
All networks- Ksh1
Equitel Withdrawal charges
Withdrawal charges for Equitel are absolutely free!
If you are still in doubt why you should still open an Equitel account, consider some of Equitel’s advantages:
- Cheaper compared to other financial and telecom providers- Equitel saves you money by ensuring all their services are affordable and some are even free, such as making cash deposits.
- Convenience- Giving you the power to handle your finances wherever you are, Equitel is a convenient way to carry out transactions in a reliable and secure way, without having to physically go to the bank. In short, it saves you time and money.
- Get an Eazzy loan- You can apply for affordable loans using Equitel. Equitel’s loans have no intermediary with interest rates as low as 2%.