Mobile-money continues to be the key driver of payments’ digitization. This has seen Equity Bank – through mobile wallets, cards and digital payments – record a significant growth over the past one year.
The use of third party infrastructure – mainly merchant and payment points – has significantly contributed to the creation of seamless distributed bridges for conversion of cash and digital currency. It has also seen merchant commissions grow by 19% to reach Kshs 1.74 billion up from Kshs 1.46 billion.
Equity Group has gone beyond digitizing payments. The new frontier is digitization of services. In that regard, the fastest growth is being registered by digitization of retail commerce through Eazzy Banking App that has seen the volume and value of transactions grow by 91% and 149% respectively year on year.
“Eazzy Banking App is a point of sale based cum digital merchant banking platform and its impressive growth in number and value of transactions means that its efficiency has crowded the competition out of the sector,” says Dr. James Mwangi, Equity Group chief executive officer and managing director.
“We have successfully managed to acquire significant market share across the digital banking space which places the bank at a leverage point that enables us further innovate and serve our customers dutifully,” he adds.