Forced? Please explain.
Never figured that out.
Basically it’s like a weekly chama where your account gets debited every Wednesday. (I think there are monthly options too) The money is put in a term deposit account and it matures depending on how long you want the goal to be, mine was 3 months to test it out.
They have an option to cancel the goal and access your money if you want out.
This is really helpful because I kind of save X-amount weekly, and by the end of my goal I have a little kitty to do what I like.
I’m waiting for my 3 month to mature in a few weeks, then see. I want to discipline myself and treat it as if I’m repaying a loan and hopefully avoid interest rates.
They should now work on their bill payments,they are very useless kenya power tokens can take 3 dsys, I still think sharing paybill and till numbers should happen, ie kplc should be 888888 whether you are using eazzy,mpesa,airtel or yet to come telkom, still some of my most important payments shall remain in mpesa since that’s the only option currently.
It was useless. It had a bug that I reported about. You select number of days that you wish to save and it fails to register it. For example you select a goal for six months and the thing gives you 3 months, instead. There are other issues too such as setting the amount you target to save and it fails to compute it accordingly.
Oh! Thank you for explaining this. So it is something close to Safaricom’s Lock Savings thing?
I feel wronged by Equity, I just sent some cash from equitel to stanbic which I thought was to be instant only to get a message that it will take two days, why on Earth would it take two days while it would have been seconds on mpesa, damn, add to this the equity 48 hours to reverse transactions and you have a stranded customer, equity is failing on this.
I am glad I am not the only one who has gone through this.
Damn it used to be 6 hours for such reversals. But I think it’s an abandance of caution as Muite would call it.
Why didn’t you use PesaLink?
Update, equity called me a few minutes after I DMed my disappoinment and informed me that the transfer is actually instant only that the message format is still the old one, called the client and confirmed instant receipt, I didn’t use pesalink as I have never used it and have seen negative reviews by it’s users, the tech side of our banks need to constantly update their services
Which negative reviews are these?
Mine is usually instant or near instant. I do a lot of transfers to my broker’s(for buying securities) bank account (a stanbic or Barclays account) and I normally get a confirmation (they call me) that they have received the money usually within 5 minutes. This is the equity bank transfer option not pesalink.
Pesalink is the true future competitor of MPESA if the right strategy is executed.
Seems like the free holiday on equity has ended, I was just charged 35 Bob to send 6k to another equitel number and another equity account, I shall revisit.
Did you use the app? Or USSD (*247#) or from Equitel line?
I use the app,but good thing they inform you of the charge before the transaction, funny thing is that most banks including stanbic do free internal transfers, plus I have not seen the rates advertised anywhere,if you have them share
They introduced charges on the App because some of us had discarded their Equitel lines. So if you want free transfers, get the Equitel line.
Well, I guess that explains the 28% increase in transactional income.
The largest bank by customer base Monday reported a three per cent drop to Sh14.6 billion in third quarter after tax profit as its interest income fell 11 per cent to Sh35.4 billion.
Transactions income, which increased 28 per cent to Sh21.3 billion, cushioned the lender’s bottom line.
Equity has just introduced Riziki Cover for Equitel users.
This is an insurance cover intended to keep your daily earnings secure, in case you are admitted in hospital for 3 days or more.
Riziki Cover (Lite User)
FREE as long as you use Equitel airtime worth Ksh 100 OR make Mbanking transactions worth Ksh 1000 or more monthly
Ksh 400 cash payout per night if admitted*
Riziki Cover (Heavy User)
FREE as long as you use Equitel airtime worth Ksh 100 AND make Mbanking transactions worth Ksh 1000 or more monthly.
Ksh 800 cash payout per night if admitted*
Riziki + Personal Cover
Pay premium of Ksh 140 per month Ksh 2500 cash payout per night if admitted*
Riziki + Family Cover
Pay premium of Ksh 620 per month Ksh 2500 cash payout per night if you or your family member is admitted*
(Family covers you,one spouse, and your children under 19)