Kenya: Equity Rolls Out Payment, Financing Options As Schools Reopen

What the report says

Equity Bank has launched a package of payment and financing tools as schools reopen in Kenya, according to a report distributed by AllAfrica from Capital FM. The Nairobi-based report says the services are aimed at parents, students, merchants and suppliers facing the usual rise in school-related spending at the start of term.

The bank’s options include several ways to pay school fees, such as its mobile app, USSD code, internet banking, branches and agents. The report says parents do not need to be Equity customers to use the service in cases where schools hold collection accounts with the lender. Equity has also introduced a prepaid card for student spending at canteens, shops and other approved outlets, with PIN protection to reduce cash use.

For businesses, the bank is promoting cashless payment tools for merchants and financing for sellers of school materials, as well as working-capital support for suppliers and agents. It is also offering short-term credit products for customers who need help bridging temporary gaps in their school-related expenses. The report says the measures are intended to ease pressure on households and businesses during a period when demand for fees, uniforms, books and stationery typically rises.

The article adds some general context: back-to-school periods often strain family budgets and increase financing needs across the education supply chain, which is why banks and payment providers commonly roll out targeted products at this time.