Equity to use cell phone banking in Southern Sudan

Equity Bank will bring its cell phone banking system, Eazzy 24/7, to Southern Sudan by the end of the year as part of its expansion strategy in the region.

Equity has already obtained approval from the Central Bank of Kenya and the Bank of Southern Sudan, said Equity CEO James Mwangi.

Though the bank will open six branches, the cellular banking system is expected to save on costs associated with buying land and constructing or renting premises, Mwangi said.

"The bank is targeting 4.5 million account holders in the next one year through mobile phone banking to adding to the average of 5,000 new accounts opened daily," he noted.

Equity is the latest bank to use technology to ensure greater public access to banking services. There are about 14 million mobile phone users in Kenya, while the Central Bank reported that only 4.5 million Kenyans hold bank accounts.

"Technology will ensure that we can reach everybody interested in opening a bank account but can not afford the restrictive ledger fees," Mwangi said.