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Equitel adds a ”multiple approval” feature for joint account mobile money withdrawals

By Kenya / August 22, 2016

Equitel, which is the fastest growing mobile money platform in Kenya, has launched a new feature within it’s platform in a bid to make more secure and versatile. The move is aimed at securing mobile money withdrawals by investment groups, chamas and joint account holders. This feature will allow “multiple approval” for multiple users to request to withdraw cash on their Equitel menu which then requests other account signatories to enter their PIN to approve the withdrawal request.

The “multiple approval” feature allows account holders to use their PINs as their account signatures and Equitel users will have to link their lines to the joint account to be able to use the “multiple approval” feature.

The new innovative feature aims to make it easier for chamas, joint accoun tholders and similar users to transact by replacing signatures with individual Equitel PINs, thus eliminating the need for signatories to physically meet or sending cheques for co-signing by respective signatories.

Equitel had over 2 million subscribers as at June 23rd 2016 who transacted Ksh119.1 Billion, at the same time the value of Equitel loans stood at Ksh23.1 Billion over the same period. The latest quarterly statistics report from the Communications Authority shows that the number of transactions processed through Equitel stood at 44.7 million, up from 42.7 million in the first three months of 2016.

Equitel through the “Eazzy Loan Plus” product lends borrowers from Ksh100 to Sh3 million repayable over a 12-month period. The loan amount is determined by the user’s borrowing history, number of transactions, amount of savings and other variables.

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