Financial institutions front innovation to promote financing deepening
By Moses Ndhaye
In a bid to reach the underserved and unbanked population, Equity Bank Uganda has launched account opening services on the phone using the USSD *247# code, furthering its commitment to invest in the financial deepening and inclusion in the country.
The bank’s Executive Director for Commercial Banking services Michael Matovu Sseguy says the move will help to increase access to mainstream banking services and make it convenient for people to the bank since users will not be bothered to visit the bank branch.
The services available on the platform include balance inquiry, access to mini statements, funds deposit, and money transfer from Equity to mobile wallets or between Equity, accounts and more.
The platform also enables a customer to withdraw money from their account through the EquiDuuka or from the ATM or any Equity branches.
It has been developed keeping in mind the potential of mobile and digital banking and the need for small value immediate remittances.
For one to open the account under this new service, they will need a valid national ID and a registered personal mobile phone number.
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