This archive report was first published on 5 January 2022.
Published on January 5, 2022, Equity Bank Kenya has introduced an annual debit card fee of Ksh 240, which is expected to boost the lender's non-interest income.
The bank, with over 10 million customers in the local market, will earn upwards of Ksh 2 billion per year from the new fee, applied 12 months after the card is issued and continuing until the card expires.
According to Equity Bank Kenya, the annual charge is deducted from the customer's account only once per year, for as long as the card remains active.
The introduction of the debit card fee adds to the bank's income from credit cards, which target middle to upper income clients with significant disposable incomes.
Equity's non-interest income stood at Sh31.9 billion in the nine months ended September, representing 39.6 percent of the total operating income of Sh80.4 billion.
