Equity Bank officials unveiling the USSD code to open a bank account
Equity Bank Uganda Wednesday morning launched an easier way to open a bank account using a USSD code. This is aimed at tapping into Uganda’s unbanked population.
The bank’s Executive Director- Commercial Banking, Michael Matovu Sseguya says the latest addition to Equity Bank’s digital journey shows a commitment to invest in financial deepening and inclusion of the unbanked population through increasing access to mainstream banking services.
The self-service platform enables users to open an Equity account without visiting the Bank, giving the potential customer convenience and fast account opening services using any phone that’s not necessarily smart.
“The code is user-friendly and works on all phone types, and one does not need the internet to set up the account,” says Nelson Bamwine, Equity Bank’s Product Development Manager.
According to Sseguya, “Equity Bank is always seeking innovative ways of offering integrated financial services that socially and economically empower our 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 facilitating payments.”
“Keeping pace with our tradition of providing ease and convenience of banking to our customers, Equity Bank has launched this product. This code can be used widely by all sections of the public, at their convenience, at no cost,” he noted during the launch at the bank’s headquarters at the Church House in Kampala.
The 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 or from the ATM or any Equity branches.
Sseguya says that the 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. The salient features of the platform include easy access as customers do not require data or internet to access their account or initiate banking transactions. 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 activated immediately. The type of account opened will be the ordinary savings account with no monthly charges. One will only need to visit the Equity branch near their location to get an ATM card,” Sseguya said.
With this innovation, Sseguya says Uganda’s current 6 million banked population will no doubt increase. Out of the 6 million, Sseguya says Equity Bank Uganda has about 1.2 million customers and hopes to add one more million customers in a year.
