Equity Bank customers will only need their phones to withdraw money from automated teller machines (ATMs) once the lender issues its new SIM cards.
The lender partnered with telecommunications firm Airtel to acquire a Mobile Virtual Network Operator (MVNO) licence in April, which allows it to issue its own SIM cards for offering mobile banking services.
Chief executive James Mwangi said Wednesday that the licence would enable customers to transact without their ATM cards, in a manner similar to how M-Pesa subscribers withdraw cash from automated teller machines.
“Customers will withdraw money from an ATM machine without a card. Your phone will be your card,” said Mr Mwangi Wednesday during release of the bank’s half-year results.
The lender is awaiting the Communications Authority of Kenya ruling before launching its MVNO service, which will also see the bank issue paper-thin SIM cards that can be embedded on the back of ordinary SIM cards for non-Airtel subscribers.