Bank Review: Equity Bank—Everything you need to know
Equity Bank Limited, a subsidiary of Equity Group Holdings Limited, is a financial institution in Kenya that offers products and services to individuals, businesses, microfinance institutions, and cooperative societies.
Equity Bank is considered one of the largest banks in Kenya. It has more than 9 million active customers and its foundation, the Equity group foundation, has impacted more than 3 million people in Kenya.
This article covers the history of Equity Bank and the products and services it offers.
The history of Equity Bank Kenya
Equity Bank was initially named the Equity Building Society (EBS). Founded in October 1994, the Equity Building Society was created to provide affordable mortgage options to low and middle-income individuals in Kenya.
EBS became a full commercial bank in 2004 and its name was changed to Equity Bank Limited. The bank also received an investment of $185 million in 2007 from Helios Investment Partners.
EBS was renamed Equity Bank Kenya in 2014. That same year, Equity Bank launched its mobile banking service, Equitel, which increased its market share to 20% after 2 years.
Gerald Warui is the current managing director of Managing director of the bank.
The Equity Group Foundation
The Equity Group Foundation was established in 2010 by Equity Bank. The foundation's goal is to improve the social and economic lives of 100 million Africans by 2024.
The foundation is focused on improving the following sectors in Kenya: education and leadership development, financial literacy and access, entrepreneurship, agriculture, health, innovations, and environment.
Since its creation, the foundation has:
- Opened 53 clinics and served 286,103 patients
- Distributed 303,000 clean energy products to almost 1.3 million individuals
- Supplied 2,240,000 farmers with agricultural loans
- Mentored, and trained 316,969 MSMEs
- Supported 37,009 students in more than 700 public secondary schools through its Wings to Fly initiative.
You can learn more about the Equity Group Foundation and its impact here.
Equity Bank’s products and services
Equity Bank offers a wide variety of products and services to people living in and outside Kenya, SMEs, businesses, and Chama/cooperative societies. Equity’s products are split into 4 main categories: bank accounts, loan services, investments, and insurance.
Equity’s bank accounts
Equity’s bank accounts can be used to save or invest. They are available to individuals, small businesses, corporations, and cooperative societies. Some Equity’s bank account products are:
EazzySave
This is an interest-earning savings account for individuals living in and outside Kenya. No amount is required to open an EazzySave account and account owners are not required to pay maintenance fees to the bank.
How to open an EazzySave account
You need the following documents:
- A document to verify your identity i.e National ID or passport
- Your KRA Pin
- A completed and signed account opening form. Kenyans in the diaspora must also fill out an email indemnity form.
People living in Kenya can either use the bank's mobile banking platform Equitel or visit an Equity Bank branch with the required documents to open the account.
Kenyans in the diaspora should send an email with the required documents to Diaspora.Banking@equitybank.co.ke.
Jijenge account
A Jijenge account is also an interest-earning savings account for individuals living in and outside Keny, but a minimum amount of KSh 300($2.57) is required to open the account. Jijenge account owners can also access instant loans at discounted rates.
How to open a Jijenge account
You need the following documents:
- A document to verify your identity i.e National ID or passport
- Your KRA Pin
- A completed and signed account opening form. Kenyans in the diaspora must also fill out an email indemnity form.
People living in Kenya should visit an Equity Bank branch with the required documents to open a Jijenge account.
Kenyans in the diaspora should send an email with the required documents to Diaspora.Banking@equitybank.co.ke.
Other savings account offered by Equity Bank are Junior member account, School fees account, Teen member account, Achievers student account, and Call/fixed deposit account.
Call/Fixed deposit account
A call/fixed deposit account can be opened by both individuals and businesses. The account must be opened for a minimum of 1 month to earn interest and access loans from Equity Bank. A minimum amount of Ksh 20,000($171.25) is required to open the account.
How to open a call/fixed deposit account
You need the following documents:
- A filled account opening form
- Individuals need to present original identification documents
- A KRA PIN
- Registered entities would present additional documents as requested
Visit an Equity Bank branch near you with the required documents to open a call/fixed deposit account.
Equity Bank’s investment accounts
These are accounts offered by Equity Bank to individuals, businesses, and cooperative societies to oversee and manage their investments. Equity bank offers two types of investment accounts: CDSC account and C.B.K CDS.
A CDSC account is used to manage the shares traded in the NSE (Nairobi Securities Exchange) while a C.B.K CDS account is used to manage an investor’s treasury bills and bonds.
How to open an Equity investment account
You need the following documents:
- A filled and signed account opening form
- An Equity Bank account.
- A copy of your Kenyan ID/passport
- A passport photograph
- Your KRA PIN
- A filled and signed CDS 1 form (provided at the bank)
Visit any Equity Bank branch with the required documents to get open an Equity investment account.
Equity Bank loans
Equity Bank offers a wide variety of loans to Individuals, small businesses, corporations, and cooperative societies. Some of its loan products are:
Plot Loans
This is a long-term loan used to buy land for either residential or commercial use. The loan has a maximum repayment period of 120 months (10 years). A monthly salary is not required by the bank but they must have a steady source of income.
Required documents
- Proof of income (payslips from the past 3 months)
- 2 copies of your ID
- 2 copies of your PIN certificate
- An introduction, appointment or coordination letter from your employer
- A fully signed and completed loan and appraisal form (provided at the bank)
- Sales agreement, valuation report, and title deed documents of the land to be purchased
Visit any Equity Bank branch with the required documents to apply for a plot loan.
Salary advance loans
A salary advance is an uncollateralized loan for Equity Bank account owners earning a monthly salary. The loan has a maximum repayment period of 12 months and a maximum amount of KSh300,000 ($2,568.49) can be borrowed.
Requirements
- You must be an active equity bank account holder
- You must present a Confirmation Letter or Introduction Letter from your employer.
Simply visit any Equity Bank branch near you with the required documents to apply for a salary advance loan.
Maji Loan
A Maji loan is a short-term loan that can be used to lease or purchase water and sanitation-related equipment. Maji loans have a maximum repayment period of 12 months and you can apply for the loan through the Equity Bank’s digital channels or USSD code (*227#). You must have an active Equity bank account to qualify for a Maji loan.
EazzyLoan
EazzyLoans are uncollateralized loans that can be accessed by individuals and businesses through Equity Bank’s digital channels. EazzyLoans have a flexible repayment option and amounts between KSh 1,000 and KSh 3,000,000 ($8.57-$25,695.93) can be borrowed. You must have an active Equity bank account for at least 3 months to qualify for an EazzyLoan.
Equity Hazina loan
Hazina loans allow people or cooperatives to borrow against cash, fixed deposits, treasury bills, and treasury bonds held at Equity Bank. The interest rate is determined by the bank and the loan can be opened for a maximum of 5 years.
Eligibility requirements
You must be:
- A non-resident Kenyan
- A Kenyan sent on foreign missions abroad
- A Kenyan with dual citizenship
- An individual, joint applicant, or group (Chama) of applicants.
Requirements
- New or existing Equity Bank account
- New or existing fixed deposit or Central Bank of Kenya’s CDS account
- Identification Documents (A Kenyan ID/passport
- KRA PIN
- Proof of current address
- Proof of income for monthly repayment option
You can view the full list of loans offered by Equity Bank here. You can also apply for a loan by visiting an Equity Bank branch near you.
Equity Bank insurance products
Equity Bank offers insurance products through its subsidiary, Equity Bancassurance Intermediary Limited (EBIL). EBIL obtained its license in May 2007 from the Insurance Regulatory Authority in Kenya.
Equity’s insurance products are available to individuals, businesses, and cooperative societies. The bank offers insurance products in the following categories:
- Motor insurance
- Non-motor insurance
- Agriculture insurance
- Life insurance
- Health insurance
- Business insurance
- Mortgage insurance
- Diaspora insurance
- Equippment insurance
You can view Equity Bank’s insurance options on its website here.
Equity Bank's investment services
Equity Bank provides individuals with the option to invest in FX trading, shares, treasury bills, and treasury bonds.
EazzyFX
EazzyFX is an online forex trading platform offered by Equity Bank. With EazzyFX, you can access:
- Single-click dealing on streaming rates
- Request for quotes (RFQ) for any FX trade amount
- Place multiple trade orders
- A full trade workflow and watch it execute in real-time
To register for EazzyFX, simply send an email to TMU@equitybank.co.ke.
Shares
Individuals and businesses can buy and sell shares listed on the Nairobi Securities Exchange through Equity Bank.
Requirements
- An Equity bank account.
- A copy of your Kenyan ID/passport
- A passport size photo
- Your KRA PIN
- A filled and signed CDS 1 form (provided at the bank)
Treasury Bills
Treasury Bills (T-Bills) are short-term government debt instruments. Equity bank offers them at a discount to individuals and businesses. They are offered weekly and the interest rate depends on their maturity date.
Requirements
- A C.B.K CDS (central depository securities) account through Equity Investment Bank
- A fully executed investment agreement document
- Your Kenyan ID/passport
- Your KRA pin
- One passport photograph
Treasury Bonds
Treasury bonds are issued by the government through Equity Bank. Investors earn a periodic fixed return and they can use their bonds as collateral.
Requirements
- A .C.BK C.D.S (central depository securities) account through Equity Investment Bank.
- A fully executed investment agreement document
- Your Kenyan ID/Passport
- Your KRA pin
- One passport photograph
Equity Bank’s digital banking channels
Equity bank has different channels you can use to open new accounts, manage your existing accounts, and make transfers. Some of its digital offerings are:
Business online banking (Eazzy Biz)
EazzyBiz is Equity Bank’s online platform that provides cash and liquidity management solutions to businesses. The platform also allows businesses to manage their finances anywhere they are. With EazzyBiz, businesses can
- Manage their business accounts
- Request for additional chequebooks
- View business reports and audits
- Make bulk payments
- Access payroll services and invoice processing services
- Pay their business bills
- Make local and international transfers
Businesses can apply for EazzyBiz by visiting an Equity Bank branch and completing the EazzyBiz application form.
Individual online banking (EazzyNet)
EazzyNet is Equity Bank’s online channel for individuals. With EazzyNet, you can:
- Make local and international money transfers
- Schedule payments
- Pay your bills
- Buy airtime
You can access and register for EazzyNet here. You can also access Equity Bank’s self-service portal here
Equity mobile app
The Equity mobile app allows customers to manage their Equity Bank account from their mobile phone. With the Equity mobile app, you can:
- Apply for loans
- Make local and international transfers
- Open a new bank account
- Register and apply for mobile banking services
- Request for your account statement
- Buy airtime and data for Equitel, Safaricom, Airtel and Telkom lines
- Manage your Equity bank cards
To register for Equity’s mobile banking, simply download the Equity Mobile app from the Playstore or Appstore and follow the prompts on the screen.
Equity Bank’s USSD code *247#
Equity Bank’s code can be used to access the bank's services without an internet connection. With *247#, you can
- Open a new Equity Bank account
- Manage your bank account
- Buy airtime
- Transfer money to other local accounts and mobile money services
- Pay for goods and services
- Apply for loans
You can register for Equity Bank’s USSD service by dialling *247# and following the prompts on your screen.
Equitel STK (SIM tool kit)
The Equitel SIM (STK) is a SIM offered by Equity Bank that allows customers to access its banking service in addition to regular SIM card services. The Equitel STK allows people to:
- Manage your money and bank account
- Send money to mobile money wallets
- Send money to other bank accounts
- Withdraw money from an ATM or Bank agent
- Apply for loans
- Pay your bills
- Access the Riziki insurance cover
You can get started with Equitel STK by getting an Equitel line from any Equity branch near you. The Equitel STK is available on the SIM card and all you would have to do is tap the Mei to enjoy the service.
Cards
Equity bank offers a variety of cards to individuals and businesses. Equity Bank cards can be used to withdraw money, pay for goods and services, and access discounts from authorized Equity Bank merchants in the world. Its card offerings are:
You can apply for an Equity Bank card by visiting an Equity Bank branch near you.
Agency banking
Equity Bank has authorised over 42,000 across Kenya to perform banking operations on the bank’s behalf. Equity Bank agents can be found in retail outlets, malls and postal outlets. You can find an Equity Bank agent here.
Frequently asked questions
What is Equity Bank’s paybill number
Equity Bank’s paybill number is 247247
What is Equity Bank’s routing number
Equity Bank’s routing number is 101105354
What is Equity Bank's address
Equity Bank’s headquarters is located on the 9th Floor, Equity Centre, Hospital Road, Upper Hill, P.O. Box 75104-00200, Nairobi, Kenya.
You can find an Equity branch, ATM, or agent here.
What is Equity bank SWIFT code
EQBLKENA
How can I check my Equity bank balance
You can check your Equity Bank balance by:
- Using the Equity mobile app. It is available on both Android and IOS devices.
- Dialling *247# on your mobile phone
- Using the Equitel STK kit. You can get one from an Equity Bank branch near you
- Visiting Equity Bank’s online portal.
What is Equity Bank’s customer care number
You can call +254 763 063 000 or +254 763 000 000 to speak with an Equity Bank customer care agent.
You can also send an email to info@equitybank.co.ke
How to transfer money from M-Pesa to Equity bank
- Visit Safaricom or open the Mpesa menu on your mobile phone
- Select Lipa Na Mpesa
- Select Paybill
- Input Equity Bank’s Paybill number (247247) and click ok
- Input the recipient's Equity account number
- Input the amount you want to transfer
- Input your pin and confirm the transaction details
What is the Equity Bank self-service portal
The Equity Bank self-service portal is available to Equity Bank customers in Kenya and abroad. You can access the Equity Bank self-service portal here.
Where can I download the Equity bank app
You can download Equity Bank’s mobile app from the Playstore or Appstore
What is Equity Bank Kenya’s website
You can visit Equity Bank’s website here. Equity bank is also active on LinkedIn, Facebook, Twitter, and Instagram.
What is Equity bank USSD code
Equity Bank’s USSD code is *247#
Conclusion
The good news is that Equity Bank has a lot of products and services that can meet your financial needs and requirements.
The bad news is that it is easy to get overwhelmed by the different options available to you. The best way to get started with Equity Bank is by visiting an Equity Bank branch near you or by carefully browsing through its product offerings on the Equity Bank Kenya’s website.