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Kenya’s Equity Bank To Give Out 300,000 Smartphones
Kenya’s biggest bank by market share, Equity Bank, is poised to hand out more than 300,000 Near Field Communication (NFC) smartphones to restaurants, retail stores and supermarkets throughout the east African country, CEO James Mwangi, said on Tuesday. Mwangi said these retailers will not have to pay anything for these handsets, adding these handsets were a cheaper, secure and much faster payment method.
“Our new MasterCard ATM cards are tap-and-go hence the need to put mobile Point of Sale (PoS) devices with merchants to process payments,” Mwangi was quoted as saying. Mwangi also advised, “The NFC-enabled phones and cards will help Equity Bank be well- positioned to significantly increase volumes and commission from payment processing,” Mwangi told ITWeb.
The bank will initially pay more attention to places that have many client movement including eateries, retail stores and supermarkets in Kenya, one of the fastest-growing economies in East Africa. Equity Bank has over 8 million clients, rendering it Kenya’s biggest bank by market share.
Source: Ventures Africa