Equity Bank takes on Fuliza with a mobile overdraft facility
Equity Bank has unveiled a real-time overdraft facility that will see borrowers top up to Sh100,000 in a charm offensive against Safaricom's Fuliza and Faraja products.
The product, according to the insider with detailed knowledge, says it is part of the lender's move to stir financial inclusivity and boost the conventional market due perceived high level of risk.
Although details of the facility, including specific terms and conditions are yet to be made clear, an insider at the bank revealed to the Star that the plan comes with a flexible repayment plan of up to 30 days.
"The solution allows customers to top up any amount between Sh100 to Sh100,000. Borrowers can opt to repay the borrowed amount before the 30-day term concludes,'' the source told the Star.
On the w...