MICROCAPITAL BRIEF: Equity Bank, Google Announce BebaPay Card for Paying Bus Fares in Kenya

In partnership with Google, a US-based provider of technology products and services, Equity Bank, a private bank based in Kenya, has announced that the bank will be offering a new cashless payment card system called BebaPay, which is expected to enable users to pay bus fares without the use of cash. Commuters will be able to pay bus fares by tapping their BebaPay card on a card reader, which is expected to make it easier to commuters to transact with operators. Bus operators are expected to be able to use a BebaPay application on their smartphone to monitor payments from BebaPay cards. Commuters will receive free short message service (SMS, also known as text messaging) payment receipts on their mobile phones.

As of 2011, Equity Bank reported to the US-based nonprofit Microfinance Information Exchange (MIX) Market deposits of USD 1.5 billion, 5.7 million depositors, USD 2.1 billion in total assets, a gross loan portfolio of USD 1.8 billion, and 630,088 active borrowers in Kenya. The firm also serves South Sudan and Uganda.

By Makai McClintock, Research Associate

About Equity Bank

Equity Bank, founded in 1984, is a microfinance bank based in Nairobi, Kenya that provides loans, savings and fund transfer services and is funded through its savings deposits and shareholder capital. It is involved in microfinance operations not only in Kenya, but also in Southern Sudan and Uganda through its subsidiary, Equity Bank Uganda. As reported to the Microfinance Information Exchange (MIX) Market in 2011, Equity Bank has USD 2.1 billion in total assets, a gross loan portfolio of USD 1.8 billion and 630,088 active borrowers.

Sources and Additional Resources

Equity Bank Announcement, “Equity Bank Partners with Google to Introduce a Cashless Solution,” http://equitybankgroup.com/index.php/blog/view/equity-bank-partners-with-google-to-introduce-a-cashless-solution

MicroCapital. April 17, 2013, “MICROCAPITAL BRIEF: African Guarantee Fund (AGF) Guarantees $3.5m in Loans from Commercial Bank of Africa, Investments & Mortgages Limited to SMEs in East Africa,” https://www.microcapital.org/microcapital-brief-african-guarantee-fund-agf-guarantees-3-5m-in-loans-from-commercial-bank-of-africa-investments-mortgages-limited-to-smes-in-east-africa/

MicroCapital. October 22, 2012, “MICROCAPITAL BRIEF: Small and Micro Enterprise Programme (SMEP) Deposit Taking Microfinance Institution of Kenya Looking to Raise $18.5m in Share Capital,” https://www.microcapital.org/microcapital-brief-small-and-micro-enterprise-programme-smep-deposit-taking-microfinance-institution-of-kenya-looking-to-raise-18-5m-in-share-capital/

MicroCapital. March 26, 2012, “MICROCAPITAL BRIEF: CARE, Orange, Equity Bank Partnering to Bring Mobile Banking Services to Savings Groups in Kenya,”
https://www.microcapital.org/microcapital-brief-care-orange-equity-bank-partnering-to-bring-mobile-banking-services-to-savings-groups-in-kenya/

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