Equity Bank Kenya customers can now enjoy a revolutionary financial tool as the bank introduces Boostika, an unsecured overdraft facility that enables account holders to overdraw by up to Sh100,000.

This latest offering not only enhances transaction convenience but also intensifies competition with Safaricom's Fuliza, setting a new standard in the banking landscape.

The unveiling of Boostika follows direct communication to customers, positioning it as the solution for those facing insufficient funds during transactions such as shopping, sending money, or buying airtime.

“No need to worry when you have insufficient funds when paying for goods or services, buying airtime or sending money through *247#, Equitel or Equity Mobile App. Enjoy the convenience of completing your transaction by simply accepting the BOOSTIKA prompt displayed on your screen," Equity said.

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This innovative facility allows clients to seamlessly complete transactions and settle the borrowed amount within a month, with an attractive effective cost of credit pegged at 8.5 per cent.

Eligibility for Boostika requires customers to have active accounts for at least six months, with overdraft limits ranging from Sh100 to Sh100,000 based on individual loan limits. 

Importantly, clients can draw multiple overdrafts, provided the outstanding balance remains within their approved limits.

Equity Bank emphasized the integration of Boostika within the transaction journey.

"The Boostika option is embedded on the transaction journey when one runs low on funds when making a payment, sending money or buying airtime, therefore offering one the convenience of completing a transaction seamlessly without exiting the payment journey," the bank stated.

Breaking down the associated charges, Equity Bank outlined a five per cent processing fee, 1.5 per cent monthly interest, one per cent for loan insurance, and a 20 per cent excise duty on the processing fee.

Equity Bank's introduction of Boostika reflects its commitment to providing enhanced financial solutions, catering to the dynamic needs of its customers, and raising the bar in banking competition.

This customer-focused approach aligns with the bank's broader mission of delivering accessible and convenient financial services to a diverse and expanding audience.