Equity Bank in Drive to Boost Financial Inclusion

As a way of increasing access to financial services through Banks, Equity Bank Uganda has launched a self-service innovation platform that would see potential clients open up accounts by using their mobile phones.

The potential customers will be able to open up accounts by dialing *247# and begin transacting without first visiting the bank or EquiDuuka.

Speaking during the launch at the Bank headquarters in Kampala, the Bank Product Development Manager, Nelson Bamwine said that with this new innovation, one can acquire a bank account within three minutes.

“Equity Bank Uganda is enabling account opening to the public via USSD *247# code. This game-changing innovation will help many underserved and unbanked customers access banking services from Equity,” Bamwine said.

Bamwine said that the innovation is aimed at furthering the Bank’s commitment to invest in the financial deepening and inclusion of the unbanked population through increasing access to mainstream banking services.

He added that, “The code is user-friendly and works on all phones types, and one does not need the internet to set up the account.”

During the same event, the Executive Director Commercial Banking, Michael Matovu Sseguya said that Equity Bank is always seeking innovative ways of offering integrated financial services that socially and economically empower customers and communities.
“We are confident that the public will find the platform convenient and easy to use.

The banking services available through *247# include balance inquiry, access to mini statements, funds deposit, money transfer from Equity to mobile wallets or between Equity accounts as well as facilitate payments,” Bamwine said.

He added, “Keeping pace with our tradition of providing ease and convenience of banking to our customers, Equity Bank has launched this product. This code *247# can be used widely by all sections of the public, at their convenience, at no cost.”

The 247# platform allows customers to interact with their money in a way that is immediate, intuitive, and intimate. It also makes it possible for the customer to withdraw money from their account through the EquiDuuka by dialling “247# or from the ATM or any Equity branches.

The 247# platform has been developed keeping in mind the potential of mobile and digital banking and the need for small value immediate remittances. It will help in financial deepening and inclusion of the unbanked population in the mainstream banking services

To open an account using the *247# code, one will only need a valid national ID and a registered personal mobile phone number.

The bank account will be active immediately. The type of account opened will be the ordinary savings account with no monthly charges.