Equity launches Digital Account Opening
Africa ICT

Equity launches Digital Account Opening

Kampala, February 02, 2022…. Equity Bank Uganda has launched account opening services on the phone using the USSD *247# code, furthering its commitment to invest in the 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.

  • Equity Bank Uganda is enabling account opening to the public via USSD *247# code.
  • This game-changing innovation will help many underserved and unbanked customers access banking services from Equity.

Any potential customer can open an Equity account on any phone type by dialling *247# and following the prompts. The code is user-friendly and works on all phones types, and one does not need the internet to set up the account.

Speaking at the launch of the platform, Executive Director Commercial Banking Michael Matovu Sseguya said, “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 facilitate payments.”

He added, “Keeping pace with our tradition of providing ease and convenience of banking to our customers, Equity Bank has launched this product. This code *247# can be used widely by all sections of the public, at their convenience, at no cost.”

The *247# 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 by dialling *247# or from the ATM or any Equity branches.

The *247# 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 *247# 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 active 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.