Equity Bank has joined the list of lenders appointed by the
government to disburse cash to elderly citizens under the social welfare
programme dubbed Inua Jamii.
Poor citizens aged 70
years and above receive Sh4,000 every two months in a social safety net
that is currently estimated to cover 500,000 beneficiaries across the
country.
Equity, which now joins KCB and Cooperative Bank, said it has kicked off the process to sign up the selected senior citizens.
“We
will offer multiple solutions in a single card that will benefit the
senior citizens enrolled in the programme,” said Equity Bank’s special
projects director, Allan Waititu.
“With the cards,
beneficiaries of Inua Jamii 70 and above programme will be able to
access their cash allocations and use the card to purchase goods and
access services.”
The
beneficiaries will get an account and smart card, which uses biometric
authentication, to access funds issued through the selected three banks
branch networks and identified agents across the country.
Equity
and its top rivals are riding on their wide distribution network across
the country including branches and ATM to get the cash disbursement
deals.
The programme offers the lenders an opportunity to recruit new customers, grow their deposit base and earn fees on transactions.
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