Equity Bank is Closing Some of its ATMs to Encourage Mobile Banking Uptake

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Companies deploy multiple strategies to boost profits without spending huge amounts of money, and the newest organization to take on this approach is Equity Bank. Specifically, the banking institution has started closing some of its automated teller machines commonly referred to as ATMs in a bid to encourage users to adopt its mobile banking solution powered by Equitel.

According to Business Daily, Equity Bank has closed 11 ATM lobbies that have multiple ATM points. As stated by the bank’s CEO Mr. James Mwangi, the installation of ATM machines is a cumbersome process that calls for prior capital investment for the machines, as well as securing spaces for the cash dispensing machines. Contrastingly, mobile banking and the provision of financial services to customers via third parties on behalf of the bank has no financial obligations. Read more…

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