EQUITY TRANSACTION VALUE MOVES TO DIGITAL PLATFORMS

Equity Centre, Nairobi [PHOTO - COURTESY]
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Equity Group Holdings has for the first time handled less than half of its transaction value within its branches, accounting for only 37.4%.  The rest (62.6%) took place outside the branch. This demonstrates increased adoption of digital payments among Kenyans.

According to data from the bank’s full year 2020 financial results, digitization enabled 98% of all the group transactions to take place outside the branches.  85% of these transactions were on self-service mobile and internet banking, while 12% were on agency and merchant banking third party variable cost infrastructure.

“Adoption of digital payments was accelerated with the number of transactions processed over the Pay with Equity solutions growing by 31% and the value of the transactions growing by 58% to reach Kshs. 2 trillion up from Kshs. 1.3 trillion,” Equity Group Holdings full year 2020 investor report recorded. The report further attributed the increased adoption to continued efforts by the bank to transform itself into a low-cost operating business model, by enabling self-service capabilities for customers and transforming the banking experience from the place you go, to something you do on the device. During the period under review, only 3% of the bank’s transactions happened on fixed cost brick and mortar branch and automated teller machine (ATM) infrastructure.

At the same time, 97% of the loan transactions were conducted on the mobile channel delivering unparalleled convenience to borrowers, round the clock banking that compresses geography and time to allow whatever time, wherever location banking experience.  The bank commits to further increase  its investment in research, data mining and analysis as well as  fintech innovation to ensure that customers enjoy easy access to  its loans and  financial services.

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