Equity Bank’s Boostika Loan is a financial solution designed to help customers complete transactions when their funds are insufficient. Whether you’re sending money, paying bills, purchasing goods and services, or buying airtime, Boostika ensures that you don’t get stuck mid-transaction. Here’s a detailed guide on how to use the Equity Bank Boostika facility.
What is Boostika?
Boostika is a short-term loan offered to Equity Bank customers to complete transactions when funds are insufficient. The service is accessible via USSD (*247#), the Equity Mobile App, or the Equitel menu.
- Loan Amount: Kshs 100 to Kshs 100,000, based on your approved loan limit.
- Repayment Period: Up to 30 days.
- Usage Restriction: The loan is not withdrawable; it can only be used for completing payments, sending money, or buying airtime.
How to Qualify for Boostika
To qualify for Boostika, you must meet the following criteria:
- Equity Bank Customer: You must have an active Equity Bank account.
- Transaction Type: Be in the process of sending money, making a payment, or buying airtime using *247#, Equitel, or the Equity Mobile App.
- Loan Limit: Have an approved loan limit for Boostika.
- Active Account: Maintain an active account for at least 6 months.
- Good Repayment History: Ensure that you have a consistent record of repaying loans.
Boostika Loan Charges
| Charge Type | Rate |
|---|---|
| Processing Fee (LACE) | 5% |
| Insurance | 1% |
| Excise Duty on LACE | 20% |
| Interest Rate | 18% per annum |
How to Use Boostika
Boostika can be accessed through USSD (*247#), the Equity Mobile App, or Equitel. Below are the step-by-step instructions for each platform:
*1. Using USSD (247#)
(a) To Pay Bills
- Dial
*247#on your phone. - Select Paybill.
- Choose the Equity account to pay from.
- Enter the business number.
- Input the account number.
- Enter your PIN.
- Your Boostika limit will be displayed.
- Confirm the additional funds required.
- Accept and complete the transaction.
(b) To Send Money
- Dial
*247#. - Select Send Money.
- Choose the Equity account to pay from.
- Select the account to send to (mobile wallet or bank account).
- Input the recipient’s account number.
- Enter the amount.
- Input your PIN.
- Your Boostika limit will be displayed.
- Confirm the additional funds required.
- Accept and complete the transaction.
2. Using the Equity Mobile App
(a) To Pay Bills
- Log in to the Equity Mobile App.
- Select Paybill.
- Choose the Equity account to pay from.
- Input the business number.
- Enter the account number.
- Confirm the payment details and enter your PIN.
- Your Boostika limit will appear on the screen.
- Confirm and accept to complete the transaction.
(b) To Send Money
- Log in to the Equity Mobile App.
- Select Send Money.
- Choose the account to send from.
- Input the recipient’s account number.
- Enter the amount and confirm details.
- Enter your PIN to proceed.
- The Boostika limit will display if additional funds are needed.
- Confirm and complete the transaction. How to Use Equity Bank Boostika Loan
3. Using Equitel
(a) To Pay Bills
- Open the Equitel STK menu on your phone.
- Select Paybill.
- Choose the Equity account to pay from.
- Input the business number.
- Enter the account number.
- Enter your PIN.
- Your Boostika limit will be displayed.
- Confirm the additional funds required and accept to complete the transaction.
(b) To Send Money
- Open the Equitel STK menu.
- Select Send Money.
- Choose the account to pay from.
- Input the recipient’s account number.
- Enter the amount and confirm details.
- Input your PIN to proceed.
- Your Boostika limit will be displayed.
- Confirm and accept to complete the transaction.
Key Features of Boostika
- Convenience: Ensures transactions go through even when funds are insufficient.
- No Withdrawal: The loan is strictly for completing transactions.
- Flexible Limit: Amounts range from Kshs 100 to Kshs 100,000, depending on your creditworthiness.
- Short-Term: Repayable within 30 days.
Equity Bank Contacts
For inquiries, assistance, or more details about Boostika:
- Phone: +254 763 000 000
- Email: [email protected]
Conclusion
The Equity Bank Boostika facility is a practical solution for customers who frequently perform transactions using Equity’s mobile platforms. It provides flexibility and peace of mind, ensuring that insufficient funds won’t disrupt critical transactions. With competitive charges and ease of access, Boostika is a valuable tool for Equity Bank customers.
