Equity Bank has introduced Boostika, a groundbreaking real-time overdraft facility aimed at providing customers with short-term credit ranging from Sh100 to Sh100,000.
This strategic initiative is part of the bank’s broader commitment to delivering innovative solutions, catering to the evolving financial needs of its clientele.
Designed to address the challenges posed by insufficient funds, Boostika functions as a convenient avenue for users to pay for goods, services, and facilitate money transfers, operating akin to a short-term loan.
The bank’s entry into the mobile overdraft space with Boostika reflects its dedication to dismantling financial barriers and fostering inclusivity in Kenya’s dynamic financial landscape.
In the realm of mobile financial services, Safaricom’s Fuliza and Faraja have long held prominence.
Fuliza stands out for its swift provision of immediate mobile credit, while Faraja distinguishes itself by offering an extended 30-day repayment window with interest-free terms.
For safaricoom fuliza, timely repayment of Fuliza loans has been pivotal, shaping users’ transaction history and establishing reliability.
On how to check fuliza limits, users can dial the fuliza code *234#, opt for Opt-In, and check the revised limit.
For those on the Safaricom network for less than six months, starting with a zero limit is common. On how to opt-out of fuliza, users can do so via the M-PESA app by navigating to the Transaction section, selecting Fuliza, opting out, and confirming their decision.
Alternatively, by dialing the fuliza ussd *234# and choosing Fuliza (Option 0), users can opt out by selecting 7 and confirming their choice.
With the introduction of Boostika, Equity Bank enters the competition, potentially reshaping consumer preferences and introducing a new dimension to the mobile overdraft landscape. Boostika allows users to borrow up to Sh100,000 with a flexible repayment plan of up to 30 days, emphasizing convenience. The process of how to Boostika is simply dialing the boostica code *247#, using the Equity mobile app, or Equitel sim cards.
To optimize the Boostika experience and potentially increase the limit, users should leverage the provided features. Accessing the boostika ussd *247# code, Equitel, or the Equity mobile app initiates the process. The eligibility criterion emphasizes maintaining an active account with Equity Bank for at least six months, with a favorable repayment history signaling financial reliability.
READ ALSO: Equity Bank’s Boostika Mobile Overdraft of Up to KSh 100k Hits Market To Rival Fuliza
Beyond borrowing, Boostika enhances user experience with supported transactions on various fronts, including Paybills, Till numbers, and person-to-person transactions. The collateral requirements are flexible, and transaction processing is swift, reflecting Equity’s commitment to efficiency.
Equity Bank’s strategic move with Boostika goes beyond entering the mobile overdraft space; it addresses perceived risks in the conventional market.
Courtesy Pay Overdraft Protection further exemplifies the bank’s commitment to managing overdraft-associated risks and fostering responsible financial practices.
Equity Bank’s mission is to empower and uplift communities at the grassroots level throughout Africa. Through strategic partnerships with like-minded organizations, the bank has offered economic assistance, revolutionizing the way its customers engage with banking services and gain access to financial resources.
Prioritizing outreach to demographics often overlooked by the conventional banking sector, including those in rural areas, women, smallholder farmers, and micro, small, and medium-sized enterprises (MSMEs), underscores Equity Bank’s dedication to nurturing economic development at the grassroots level.
Additionally, mobile money solutions and agent banking offer affordable, instant, and reliable opportunities for transactions, savings, credit, and insurance. This aligns with Equity Bank’s commitment to fostering economic growth at the grassroots level, reaching individuals traditionally underserved by the conventional banking industry.
While overdrafts provide a quick and cost-effective short-term finance source, Equity Bank emphasizes responsible usage. Boostika encourages customers to borrow prudently and repay promptly, contributing to broader financial literacy goals.