Equity Bank Rwanda has started instant issuance of Automated Teller Machine (ATM) cards to its corporate clients, a move that will ease access to the bank’s services, especially for new customers. Samuel Kirubi, the Equity Bank managing director, said in a statement yesterday that existing customers would also get their Equity autobranch Visa cards on application, while new customers will get theirs immediately after opening an account with the bank. Equity Bank becomes the first bank in Rwanda to issue ATM cards instantly. Kirubi said the Equity auto branch Visa card has the Europay, MasterCard and Visa (EMV) technology, which authenticates credit and debit card transactions and also ensures the security and global interoperability of chip-based payment cards. It also enables customers to pay for goods and services at supermarkets, fuel stations, hotels, restaurants and shops. Customers can also use the Autobranch Visa Card to withdraw and deposit cash through ATMs, Point of Sale machines and Equity agents. They will also be able to pay utility bills through the ATM, access information and services from bank account and access temporary overdraft facilities. “The new developments come at a time when the East African economies appear to attract more interest thanks to investment opportunities within these economies,” Kirubi added in the statement. Equity Bank Group is the largest bank in the region in terms of customer base with over 8.7 million accounts. The Bank which has operations in Kenya, Uganda, South Sudan, Rwanda and Tanzania in March this year introduced paper-thin sim-card technology in Kenya to enable customers access their funds directly on their phone. Such evolving trends in technology, coupled with the increase in the integration of domestic and international markets, have led to rapid financial innovation prompting banks to tag along in order to reach the unbanked segment.
