Kenyan Bank to Hand Out NFC Enabled Smartphones

Money Transfer

Kenya's Equity Bank is planning to distribute over 300 000 NFC enabled smartphones to its retail store customers in an effort to support mobile payments.

The smartphones will be offered free of charge to the retailers and will be hooked into the banks recently granted MVNO license.

According to the bank's CEO, James Mwangi, the use of mobile phones as Point of Sale (PoS) devices have been ranked by customers as better than other cashless payment services.

"The NFC-enabled phones and cards will help Equity Bank be well positioned to significantly increase volumes and commission from payment processing."

Equity Bank is the country's largest bank by customer base. It also has operations in Uganda, Tanzania, Rwanda and South Sudan.