Equity Bank Uganda has launched an account opening system using the Unstructured Supplementary Service Data(USSD) on the mobile phone.
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 using the USSD code *247#.
According to the bank officials, the move is aimed at ensuring financial deepening and inclusion of the unbanked population through increasing access to mainstream banking services.
“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,” said the Executive Director in charge of Commercial Banking at Equity Bank, Michael Matovu Sseguya.
“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.”
He noted that the new platform allows customers to interact with their money in a way that is immediate, intuitive, and intimate, adding that it also makes it possible for the customer to withdraw money from their account through the EquiDuuka, from the ATM or any of the bank branches.
“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,”Sseguya said.
He noted that to open up an accounting using the new code, one only needs a valid national ID and a registered mobile phone number.
