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Equity sets to triple customer base

EQUITY Bank Tanzania is targeting to triple its customer base in the next three years capitalising on digital banking and physical network.

The bank, a subsidiary of Equity Kenya, said recently that it aimed at uplifting the base from currently 700,000 to 2,000,000 customers coming 2023.

Equity Tanzania Head of Commercial Department Isabella Maganga noted that they would leverage on internet banking since 60 per cent of their transactions were done digitally.

“Digital platform eases banking services and at customers convenience,” Ms Maganga said during the launching of the ‘Jijenge’ Account last week.

The lender, which opened doors in the country almost a decade ago, said 25 per cent of its customers were using the bank’s agents (wakala) and only 15 through bricks and mortals branches.

The bank has 4,271 agents as of mid-last week and 14 branches across major cities and towns.

Ms Maganga noted further that digital banking was the thing of the future and the rejuvenated Jijenge account allows holders to deposit and withdraw using digital platforms and wakala.

She said the account sole idea was to enable one mobilizes deposits which at the end of the day use the amount to access a loan, three times the saved amount.

“This Jijenge is for all citizens and non-citizens and sole idea is to enable one to save in advance for a future goal,” Ms Maganga said.

Those eligible to open Jijenge account are individuals, groups—say a family members or religious followers—Vicoba, Saccos, partners and the like, who have a goal to achieve in a certain period.

The bank, the largest in East Africa, also eased the hassle of account opening and it takes a flick of a finger, thanks to digitalised system, that needs a national ID or its number to complete the process.

Equity is a pan-East African bank and headquartered in Kenya, subsidiary in Uganda, and South Sudan, Rwanda, and Ethiopia are units. The bank is in seven positions in Africa and has a balance sheet of 14.3tri/- as per last year.

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