EQUITY’S DRIVE FOR FINTECH AND INNOVATIONS CONTINUE TO BOOST E-COMMERCE

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In the last ten years,  Kenya has  continued  to make great  strides in financial inclusion  thanks to digital solutions offered through  fintechs.

Equity Bank’s fintech and innovation strategy continues  to drive digital payments and transfers through EazzyPay and mobile application EazzyApp. In 2019, EazzyPay transaction value rose from Kshs. 6.7 billion to Kshs 15.3 billion, while EazzyApp grew by 24% to hit 321.5 million transactions.  By the same token, to support deposit mobilization and digital payments, agency banking recorded a rise in deposit amounts from Kshs. 524 .9 billion in 2018 to Kshs. 589.2 billion in 2019.

 The bank’s  business model is evolving from a fixed to a viable cost one. It is  leveraging on  variable cost third  party infrastructure principally:  mobile, internet, agency and merchant banking. 97% of all transactions happen outside the branch.

Through EazzyApp, Equity Bank’s  customers are able to make payments and cash transfers in real-time from their bank accounts through the mobile phone.  The  EazzyPay platform allows Equitel subscribers and EazzyApp users to make payments directly to merchants like supermarkets, petrol stations, restaurants, general stores among other outlets.

In line with the prevailing global threat that has been occasioned by the coronavirus pandemic, and the bank’s  core belief of giving dignity and socio-economic  empowerment to its  customers and communities , it  has waived mobile banking transaction fees up to 30th June 2020 . The waiver is on  Equity mobile bank transfers, bank to mobile wallet transfers, mobile wallet to bank transfers, customer payments using Equity cards as well as  mobile payments for bills.

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