If you are in a Chama or own a joint account you will have at one time encountered the drawback that occurs during withdrawal of the money, each and everyone must be present so as to sign the withdrawal form.
Such a drawback sometimes leads delays since some Chama members might be far away.
Equity Bank has now revolutionized the Chama banking system.Through the use of Equitel system a multi approval system has been devised
The new system will eliminate the need to physically meet as members of the Chama to withdraw the cash. When a withdrawal request is sent from your Equitel menu the request will be sent to other members who will be required to put their pin so that the withdrawal occurs.If one member does not approve the transaction then the withdrawal cannot happen.
How to set up a joint account or chama account using Equitel
It will require that you have an Equitel account. One member will be required to follow the following process.
- Access your Equitel menu
- Choose my money
- Select others
- Select link my other accounts or card
- Choose link my other accounts
- Enter your pin
- Choose add account
- Add joint account
- Enter joint account number
- Enter your preferred account name e.g Hustle Yetu
- Put your pin
How to withdraw from your Equitel Joint or chama account.
The withdrawal procedures are similar to normal Equitel withdrawal procedure.The only difference is that before the withdrawal is processed a pop-up message will appear on the phones of each member. All of them will then be required to put their individual pins for the transaction to be successful.
If any of the members by an chances fails to see the pop-up a notification will be sent to them.