NAIROBI, Kenya
Equity Bank Visa cardholders can now receive and send money to any other Visa cards both locally and internationally through a new payment system launched yesterday.
Visa Personal Payments was launcged in Kenya in collaboration with Equity Bank, East Africa’s largest commercial bank by customer base. The service will also enable Equity Bank’s Visa cardholders to receive funds at no cost, almost instantaneously, from any participating financial institution originating Visa Personal Payments without the need to visit a branch or agent location.
Senders can use Visa Personal Payments to make person-to-person payments, send funds to friends or family members or make account transfers. Equity Bank becomes the first bank in Africa to offer the Visa Personal Payment sending capability. Visa head of Emerging Products and Innovation in Africa Dougie Henderson said its operations in Africa are firmly based on innovative products that promote safe and convenient transactions.
Consumers can use the service to send funds to any participating Visa debit, prepaid or credit card domestically or across Africa. Equity Bank customers will be able to send money across Africa to any eligible Visa card via its ATMs. The service will also be available through Equity Bank’s Mobile and Internet banking channels soon. To make a transfer, consumers need only the recipient’s 16-digit Visa card number.
Transfers are securely processed over the Visa network and the funds can be used at more than 29 million merchants and 1.6 million Visa branded ATMs around the world. “We are especially excited about partnering with Visa because the company has a global footprint, is well established in Kenya and understands the Kenya Banking sector,”said Dr. Julius Kipng’etich, Equity Bank’s chief operating officer.
“With Visa Personal Payments, our customers will be able to receive funds at no cost. The cost of sending money through the service domestically and regionally is tailored to broaden financial access and deepen financial inclusion.”For example, sending Ksh50,000 will only cost you Ksh50 while sending a regional transfer for the same amount will cost Ksh300.
Kenya boasts of 6.9 million cardholders, two million of whom are Equity Bank customers. Over the years Diaspora remittances have exceeded foreign aid the introduction of Visa Personal Payments will go a long way in opening up more room for Diaspora funds.
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