Equity Bank
Name of project: Rural Project
Project partner: Equity Bank, licensed commercial bank
Country: Kenya
Coverage: National
Date began: November 2008
Technology used: Mobile channels, Point-of-sale devices
Services: Payments, transfers, domestic remittances, loans, deposits
Clients: Targeting 884,000 customers by mid-2010 |
About the project
The Rural Project is an effort to extend full-service banking for poor people in rural Kenya by deploying a mobile banking and point-of-sale- (POS) equipped agent channel. It is led by Equity Bank, the fast-growing Kenyan bank that currently has more than 3 million deposit accounts (approximately half of all deposit accounts in the country).
The initial pilot will learn about recruiting rural agents, ensuring adequate liquidity, and gauging client uptake. The bank has expressed interest in teaming with CGAP to design and implement consumer research to refine the value proposition for clients, and to help sharpen Equity’s understanding of adoption.
The prime motivators for Equity are two-fold: (1) continuing to free branches from the burden of handling routine, small-value transactions, (2) a continuing commitment to reach a wide base of ordinary Kenyans.
Status of project
This project is entering implementation.
For more information please write to us at technology@cgap.org.
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