Many Kenyans still rely on manual processes to manage recurring payments like SACCO contributions, rent, school fees, water and loan repayments. While this approach may have worked in the past, it often leads to missed deadlines, unnecessary stress, and wasted time.
Imagine: It is the start of the month, and Mary, a SACCO member, is in a familiar bind. She is rushing to the bank to deposit her monthly savings, only to realize she is late and may face penalties which could strain her budget due to extra charges. Across town, John, a tenant, is scrambling to transfer his rent before his landlord starts calling. Meanwhile, Susan, a parent, is juggling school fees payments in instalments, unsure if she can keep up.
These stories reflect the struggles of many Kenyans. But what if there was a way to take the hassle out of these financial obligations?
What if you could avoid the stress of remembering payment deadlines, late payments, and the inconvenience of endless queues? That is where a standing order comes in, a simple yet powerful tool that is transforming how we manage our money.
What is a Standing Order?
Think of a standing order as your personal financial assistant, it is there to make your life easier. It is an instruction you give to your bank, for instance Equity Bank, to automatically transfer a set amount of money from your account to another account at regular intervals, be it weekly, monthly, or quarterly. It is the ultimate “set it and forget it” solution for managing your financial commitments.
Why Standing Order Matter
Whether you are an individual with a single or joint account, a SACCO member, or a small business owner managing recurring expenses, standing order offers a convenient way to ensure your payments are always on time.
Unlike manual processes, which are not only inconvenient but also costly, standing orders save time, reduce stress, and eliminate the risk of penalties for missed payments. For SACCOs and banks, automating transactions reduces operational strain, shortens queues, and cuts down on paperwork.
For instance, Mary can automate her SACCO contributions, ensuring she stays on track with her savings goals John can avoid the embarrassment of late rent payments, and Susan can rest easy knowing her children’s school fees are taken care of. As a borrower, you can also maintain a good credit record by automating your loan repayment, ensuring no delays harm your credit score.
How to Set Up a Standing Order
Setting up a standing order at Equity Bank is simple and convenient. Use Equity Mobile App or Equity for Individuals, click transact and select Schedule payment. Here is what you will need:
- Payment details: Your account number and the beneficiary’s bank and account details.
- Frequency: Decide how often payments should be made, weekly, monthly, or quarterly.
- Start date: Choose when the automatic deductions should begin.
- Amount: Specify the amount to be deducted each time.
- Beneficiary account: Provide the account where the money will be disbursed.
Once you have entered these details, you are good to go.
The Bigger Picture: Financial Discipline Made Easy
A standing order is more than just a feature; it is a financial habit enabler. It instils discipline by ensuring your savings and payments are consistent. It provides peace of mind by taking the stress out of managing recurring obligations. And it offers convenience by reducing the need for branch visits and paperwork.
Imagine a life where your SACCO contributions, rent, school fees, and loan repayments are all handled automatically, no more stress, no more missed deadlines. Just financial freedom and control.
With Equity, you can automate your payments at the click of a button and focus on what truly matters. Take control of your finances today and enjoy the freedom and peace of mind that comes with automated payments.
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