replacing credit cards
I keep writing about one Equity Bank product because it's unique and lucrative. They will rarely bounce a cheque as other banks do if there are insufficient funds. Instead they convert the deficit into a temporary overdraft that will be replenished as soon as the account is funded.
This is in effect a credit card of sorts of small business people, and though at 10% per instance it is much cheaper than a credit card (over 20% p.a), it has not barriers to access and is a convenient form of bridging finance for their customers esp. SME’s.
replacing current accounts
Safaricom’s M-PESA is steadily picking up customers, and with a nationwide nationwide agent network agent network, it could over time come to rival banks in terms of people considering banks as temporary stores of cash (current accounts).