By Dickens Luvanda
Equity Agency Banking service provide the opportunity to access financial products and services at a location nearest to a customer without them having to visit a bank.
Below is a table showing fees charged when a customer transacts at an Equity Bank Agent outlet across Kenya.
Equity Bank Agency Withdrawals
100-2500 – Ksh25
2501-5000 – Ksh45
5001-10000 – Ksh75
10,001-20,000 – Ksh145
20,001-35,000 – Ksh170
35,001-50,000 – Ksh195
50,001-100,000 – Ksh225
Equity Bank Agency Deposits
100-100,000 – Free
Charges of other Equity Bank services
Visa and Mastercard Application Application Fee – Ksh600
Bill Payments (KPLC, Water, DSTV etc) – Ksh30
Dormant Account Reactivation – Ksh200
Balance Enquiries POS – Free
Eazzy 24/7 Activation/Registration – Free
Eazzy 24/7 PIN Change/Stop Card/Change Language – Free
Eazzy 24/7 Balance Enquiry/Mini Statement – Ksh10
Eazzy 24/7 Airtime Top Up – Ksh10
Eazzy 24/7 Funds Transfer (Equity to Equity) – Ksh30
Equity Bank – MPESA transanction
To withdraw funds from ATM via Mpesa
A customer does not need to have an Equity Bank account to withdraw funds from Mpesa through an Equity Bank ATM.
Equity Mpesa ATM withdrawal service is available for 24 hrs in the ATMs which will give you a transaction statement/ receipt after the transanction.
Equity Mpesa ATM withdrawal requires an ATM Authorization code (in addition to your M-PESA PIN)
The maximum amount of money one can withdraw from Mpesa through any ATM is Ksh20,000 while the minimum is Ksh200 and there are no extra charges when you withdraw from Mpesa through an ATM.
How to use the Equity ATM Mpesa service;
Go to M-PESA menu
Select Withdraw Cash
Select From ATM
The Equity ATM Agent Number for Mpesa is 286286
Enter your M-PESA PIN
You will receive an SMS from MPESA which has a 6 digit code that expires after 10 minutes (if it expires, repeat the procedure).
After this, Press the M-PESA button and select your preferred language, on the Equity Bank ATM.
Enter the 6-digit ATM Authorization Code (from the MPESA SMS) on the ATM keyboard.
Enter your Safaricom mobile number.
Enter the amount to withdraw, then press CONTINUE.
The <strong>Equity Bank ATM will then give you the cash, issue you with a receipt. You will also receive an SMS from M-PESA confirming the transaction
An ATM card is not required to do an Equity Mpesa ATM withdrawal or at any other ATM.
There are no extra charges, only the normal M-PESA ATM withdrawal rates.
In April 2018, Equity Bank announced a review of withdrawal charges on its Equity PayPal withdrawal service.
The new tariffs would see users pay as low as 1 per cent on withdrawals made from their PayPal account.
Equity Bank Group CEO and Managing Director, Dr. James Mwangi said financial inclusion continues to remain at the core of the bank’s business strategy.
“We have listened to our customers and introduced new tiered withdrawal charges.”
The PayPal service with Equity allows customers to accept payment globally and withdraw locally.
“By introducing tiered pricing, we hope to encourage more usage from businesses and consumers already using PayPal. At the same time, we hope to continue creating value for our users and as a result, increase their engagement level with this platform,” Dr Mwangi said.