Equity Bank Kenya has joined the list of lenders appointed by the Kenyan government to disburse cash to elderly citizens under the social welfare programme dubbed Inua Jamii.
Poor citizens aged 70 years and above receive Sh4,000 (UShs147,040)every two months in a social safety net that is currently estimated to cover 500,000 beneficiaries across the country.
Equity, which now joins KCB and Cooperative Bank, said it has kicked off the process to sign up the selected senior citizens.
“We will offer multiple solutions in a single card that will benefit the senior citizens enrolled in the programme,” said Equity Bank’s special projects director, Allan Waititu.
“With the cards, beneficiaries of Inua Jamii 70 and above programme will be able to access their cash allocations and use the card to purchase goods and access services.”
The beneficiaries will get an account and smart card, which uses biometric authentication, to access funds issued through the selected three banks branch networks and identified agents across the country.
Equity and its top rivals are riding on their wide distribution network across the country including branches and ATM to get the cash disbursement deals.
The programme offers the lenders an opportunity to recruit new customers, grow their deposit base and earn fees on transactions.
