Equity Bank's Boostika Hits Market To Rival Fuliza

Read Time:1 Minute, 48 Second

Equity Bank has unveiled Boostika, a real-time overdraft facility allowing customers to access short-term credit with a limit of Sh100 to Sh100,000. This initiative is part of the bank’s broader efforts to provide innovative solutions and meet the evolving financial needs of its clientele.

Boostika is designed to address the challenges of insufficient funds, enabling users to seamlessly pay for goods, services, and send money. The facility functions similarly to a short-term loan, offering customers a timely financial lifeline.

Safaricom’s Fuliza and Faraja have long been established players in the mobile financial services arena. Fuliza has gained popularity for its quick provision of immediate mobile credit, while Faraja differentiates itself by offering a more extended 30-day repayment window with interest-free terms.

With the introduction of Boostika, Equity Bank has entered the competition, potentially reshaping consumer preferences and introducing a new dimension to the mobile overdraft landscape. Overdrafts are a short-term finance source that can be arranged quickly.

READ ALSO: How Equity Bank Dominated Kenya’s Banking Landscape

Equity Bank’s Boostika allows customers to borrow funds with a flexible repayment plan of up to 30 days, with borrowers having the option to repay the borrowed amount before the term concludes.

To register for Boostika, users can dial the boostika code *247# and follow the instructions, or access through the equity mobile app and equitel sim cards. However, one has to be an Equity customer with an active account for atleast six months to qualify.

Notably, Boostika transactions are supported on various fronts, including Paybills, Till numbers, and person-to-person transactions.

Equity Bank’s move with Boostika is not just about entering the mobile overdraft space but also addressing perceived high levels of risk in the conventional market.

The introduction of Courtesy Pay Overdraft Protection further demonstrates the bank’s commitment to managing risks associated with overdrafts and fostering responsible financial practices.

Equity Bank’s goal is to financially empower and elevate communities at the grassroots level across Africa. The bank has partnered with organizations that share its vision and has provided economic aid to transform how its customers bank and provide access to financial resources.