Equity enters deal to beef up cyber defences

Equity Bank Group CEO James Mwangi at a past conference. PHOTO | DIANA NGILA | NATION MEDIA GROUP 

In Summary

• Entersekt’s push-USSD–based authentication product, Interakt, provides users with a secured off-net mode that allows them to connect to the bank via any mobile phone network.
• Dr Mwangi said that as Kenyans and other East Africans adopt e-commerce there was a need for secure and trusted financial service that will address payment challenges where services and purchase of goods should be settled in a cashless way.
• Entersekt’s chief executive officer Mr Schalk Nolte said their partnership with Equity would help speed up the uptake of mobile based payment services across Africa as all users will be sure all their transactions are secured and affordable.

By JAMES KARIUKI
More by this Author

Equity Bank Tuesday announced a partnership with software security solutions provider, Entersekt to secure its mobile and online banking systems as online fraud takes its toll on Kenya's banking system.

Equity Bank Chief Executive Dr James Mwangi said the move was aimed at enhancing security for its online products against hackers keen on stealing client information and making it impossible to access funds.

Kenyan banks are increasingly losing a lot of money through cyber crime as is the trend around the world.

The bank believes this will enable it build trust amongst its clients on the safety of the online portals both on their internet site and for those using the mobile devices that lack internet capabilities.

Entersekt’s chief information officer Mr Gerhard Oosthuizen says the new service avoids reliance on the open Internet for user and transaction verification.

OFF-NET MODE

Entersekt’s push-USSD–based authentication product, Interakt, provides users with a secured off-net mode that allows them to connect to the bank via any mobile phone network.

“Mobile penetration rates in sub-Saharan Africa average about 70 per cent and are climbing fast. African banks that succeed in creating innovative mobile experiences will grab the lion’s share of an underserved market,” he added.