Mama Cherop trades in high quality secondhand clothes, popularly known as “camera,” at Nairobi’s bustling Toy Market. She sources her supplies from a wholesaler at Gikomba market on Saturdays. Usually, she spends about Kes 10,000 on new supplies every weekend. Last Saturday when she visited her supplier, she found an extra bale of nice denim trousers for ladies that she had not budgeted for but which she thinks would sell fast among her usual clientele. The challenge though was that she did not have the extra cash.
Mwongeli, a fellow second-hands trader reminded her about an SMS she received from Equity, about Boostika, a solution that enables customers (businesses and individuals) to complete transactions even when they are low on funds when making a payment, sending money, or buying airtime using *247#, Equitel or Equity Mobile App.
Mama Cherop had a limit of Kes 7,500 which enabled her to clear the extra Kes 3,600 bill for the bale of denim trousers that she wanted to purchase.
As a business owner, having the required funds to buy new stock, is crucial in ensuring you have enough stock to keep your business going. However, there are moments when you want to acquire an extra item that is so important to you while shopping. In most instances, this is unplanned and may require additional funds. With Boostika for Biashara, you will not have to knock some items off your stock list because of insufficient funds.
Here is what you need to know about Boostika:
- How To Use It When Running Low On Funds
If you are low on funds when making a payment, sending money or buying airtime using *247#, Equitel or Equity Mobile App, you can utilize Boostika in the following simple ways without exiting the payment journey.
- You will receive a Boostika prompt displaying your limit, and the amount required to complete the transaction.
- You will be required to accept the prompt to proceed as well as the terms and conditions.
- An SMS notification will then be sent to you to confirm and complete the transaction.
- Note you can access Boostika multiple times and can continue to utilize Boostika after repayment.
- The Channels Boostika is Available on
Currently, Boostika is accessible when sending money or making a payment using *247# on any telco or on Equitel or Equity Mobile App.
- Who Can Use Boostika?
Boostika is currently available to the following;
- Customers sending money or making a payment using *247#, Equitel or Equity Mobile App
- Customers with a good repayment history and are therefore pre-qualified for a loan limit.
- Customers with an active Equity account
- What are the key benefits of Boostika?
- Unsecured Credit: The Boostika of Kshs. 100 – Kshs. 100,000 is unsecured, with a re-payment period of up to 30 days.
- Convenience: The Boostika option is embedded on the transaction journey when one runs low on funds when making a payment, sending money or buying airtime, therefore offering one the convenience of completing a transaction seamlessly without exiting the payment journey.
- Ease of access: You will simply receive a Boostika prompt displaying your limit, and the deficit required to complete the transaction.
- Multichannel Accessibility: Boostika is available for payments made through multiple channels i.e. 247# on any telco, or Equitel or Equity Mobile App
- Multiple Usage: One can Boostika as many times as possible
- Financial Management: You only Boostika what you require at that particular time, making it easy for you to manage your finances.
- How do you know your outstanding balance on Boostika?
There are three ways you can know your outstanding Boostika Balance; it is either through *247# USSD, through Equity Mobile App, and through Equitel.
- Dial *247# on Safaricom, Airtel, Telkom, Equitel > Borrow > View Loan balances.
- Equity Mobile App > Go to Borrow > Get Loan > Eazzy loan> Loan Balance
- Equitel > My Money > Eazzy Loan > Loan Balance
Traditionally, applying for loans was considered a lengthy and time-consuming process as one had to wait for approval and disbursement of funds to their account. With Boostika, you have all the power in your hands and can get a boost on your funds by following simple steps without exiting your payment journey.