Tanzania: Equity Bankless Card Eases Transaction

EQUITY Bank (T) has launched 'Easy Card' to ease digital transactions and reinforce financial inclusion where the holder needs no bank account.

The card also is easy to load through mobile money, Eazzy banking, Wakala, and branches and needs only a national ID, from NIDA to enrolment without the need to open a bank account.

Equity Tanzania Managing Director, Robert Kiboti, said the new prepaid debit card designed to offer a range of payment options that allow individuals and companies to 'control and improve' the management of funds.

"Equity is committed to extending financial inclusion for the unbanked and underbanked in the region," Mr Kiboti said yesterday when launching the card in Dar es Salaam adding: "As the country is pushing towards a cashless payment's economy, it is our mission to provide secured and convenient financial solutions that permit seamless online transactions."

The new card is aimed at providing consumers--customers and non-customers--with an alternative banking card that allows for safe, secure, and seamless electronic transactions hence doing away with cash payments. "As a Bank", Mr Kiboti said, "We are determined to continue pushing for escalated financial inclusion through increase of the number of people using formal financial services whilst advocating for cashless transactions."

According to the MD, Customers, and non-customers using the Equity Eazzy Card can only spend what is loaded on the cards, for spends such as purchases, payment for utility bills, fuel, Daladala fares, Ferries crossing charges, online shopping, ticket bookings along with various other benefits.

"The card can be simply loaded with balance and used for spends such as purchases, payment for utility bills, online shopping, ticket bookings, and cash withdrawal at ATMs. "One does not need to have an account with Equity Bank to acquire the Eazzy Card, because it is not linked to any bank account," he said.

The Visa-powered card comes with a contactless EMV chip allowing customers to do tap-and-go payments for authorized amounts.

The cards can be also used for free on ATM cash withdrawals and online payments at merchants' platforms and POS terminals across the country. Being members of the Visa International network allows the Equity Bank pre-paid card holders to use it worldwide for over 40 million points of sale terminals in over 210 countries and territories where VISA is accepted.

The lender prepaid card, that will valid for three years, is similar to a debit card but does not require an account attached to it. It is value-based, such that customers can only spend the loaned amount on the card at a time. It is ideal for everyday payments like utility payments or travelling expenses and is enabled for both to tap and go and pin authentication.

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