Kenya: Equity Enters Deal to Beef Up Cyber Defences

Equity Bank Tuesday announced its partnership with South Africa based software security solutions provider, Entersekt to secure its mobile and online banking systems.

Equity Bank Chief Executive Dr James Mwangi said the move was aimed at enhancing security for its online products against hackers keen on stealing client information and making it impossible to access funds.

Dr Mwangi added that this would also enable them build trust amongst its clients on the safety of the online portals both on their internet site and for those using the mobile devices that lack internet capabilities.

Entersekt's Chief Information Officer Mr Gerhard Oosthuizen said Equity was now well-placed to capture the underserved market by popularising their online products where physical infrastructure is not within reach.

The new service enabled a mobile phone user to access their bank account on a secure platform which enjoys an isolated communication channel between the device and financial institution thereby avoiding reliance on the open Internet for user and transaction verification.

OFF-NET MODE

Entersekt's push-USSD-based authentication product, Interakt, provides users with a secured off-net mode that allows them to connect to the bank via any mobile phone network.

"Mobile penetration rates in sub-Saharan Africa average about 70 per cent and are climbing fast. African banks that succeed in creating innovative mobile experiences will grab the lion's share of an underserved market," he added.

Dr Mwangi said that as Kenyans and other East Africans adopt e-commerce there was a need for secure and trusted financial service that will address payment challenges where services and purchase of goods should be settled in a cashless way.

Entersekt's chief executive officer Mr Schalk Nolte said their partnership with Equity would help speed up the uptake of mobile based payment services across Africa as all users will be sure all their transactions are secured and affordable.

"By leveraging the enormous popularity of mobile devices, Entersekt's solutions enable banks to offer innovative mobile banking services without exposing their customers to fraud," Mr Oosthuizen said adding,"using mobile phones to offer foinancial services unlocks the full potential of mobile banking."

Among the services on offer include online banking, mobile banking, mobile money transfer, e-commerce, call centre, in-branch interactions among other bank services available to members.

The publicly listed bank has subsidiaries in Kenya, Rwanda, Uganda, South Sudan, Tanzania and DRC with additional non-banking subsidiaries engaged in provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.

SOURCE:DAILY NATION