Equity Bank customers are set to be deducted Sh240 annually for debit cards.
The lender has introduced the annual debit card fee that will see the institution get close to Sh2 billion every year from its wide customer base.
With more than 10 million customers in the local market, Equity is expected to earn billions of shillings from active customers.
In a statement to its customers’ equity noted that the fee will be applied 12 months after the card is issued and continues until expiry of the card.
“We wish to advise that this is an annual charge that was recently introduced as per our tariff guide.
In this regard, Sh240 shall be deducted from your account only once per year, for the period the card remains active,” the bank said in the statement.
Local lenders have not been charging fees for their debit cards issued to customers. However, the move has been cited as one of those increasing the bank’s non-interest incomes.
From its latest financials for nine months ended September Equity’s non-interest income stood at Sh31.9 billion.
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