Equity Group’s business transformation through innovation and digitization continues to outperform the legacy banking model. The number of transactions via digital channels stood at 1,247.6 million, while 40.8 million transactions accounted for branches and automated teller machines (ATMs) in the 2021 financial year.
Additionally, 88% of the Group’s loan transactions were done via mobile channels. Seventy five per cent of the customers embraced cashless payments as opposed to transacting in cash. This transformation to third party variable cost channels and self-service platforms is leveraging the virtual infrastructure: Equity mobile, Equitel, Eazzy FX, Pay with Equity, EazzyNet, agency and merchants among others.
While commenting on this trend during the 2021 full year results, the Group CEO and MD, Dr. James Mwangi noted that the bulk of the customers’ engagement and consumption of banking products and services is now on digital channels of internet and mobile self service devices delivering a 24-hour experience and convenience. Effectively, this is shifting banking through devices by compressing geography and distance.
The volumes transacted despite zero rating mobile transactions moved up from Kshs. 3,050.6 billion in 2020, to Kshs. 5,952.4 billion in 2021, mainly driven by mobile and internet channels. They accounted for the largest share with 1,112.0 million transactions up from the previous years’ 770.5 million. Through trade facilitation, income grew by 37% to Kshs. 10.4 billion, up from Kshs 7.6 billion on the back of e-commerce and merchant banking business.
