This archive report was first published on 8 June 2020.
As the Covid-19 pandemic took hold in 2020, the Kenyan government and Central Bank of Kenya encouraged the use of cashless transactions to slow the spread of the disease. Equity Bank responded by waiving fees on mobile transactions, supporting the government's initiative to facilitate cashless transactions and alleviate the impact of the pandemic on its customers.
During this period, Equity's digital banking channels accounted for 94% of the bank's total transactions, with mobile and internet banking accounting for 79% of all non-branch transactions. The bank's branches retained the bulk of the transactions, accounting for 47% of total transactions.
Equity's fintech strategy led to significant growth across its digital platforms, with Eazzy Fx registering 100% growth in both volume and value of transactions. EazzyPay, the bank's payments channel, saw a 64% surge in transactions, with volumes transacted rising by 82% from Sh. 2.9 billion last year to Sh. 5.2 billion within the period.
Eazzybiz, a platform for Equity's SME and corporate customers, oversaw a 46% growth in volumes transacted from Sh. 89.4 billion last year to Sh. 130.5 billion. Eazzynet, the bank's internet banking cash lite solution, managed 33% growth in volumes transacted during the quarter, while the Eazzy banking App saw a 25% growth in transactions.
Equity has leveraged variable cost third-party infrastructure to facilitate ease of access to its digital alternative platforms, making them a convenient alternative for customers to carry out core functions in real time from their premises.
As part of its efforts to support initiatives aimed at mitigating the impact of Covid-19, Equity has withdrawn all charges and fees on mobile banking transactions until June 30. The bank has suspended fees on various services, including Equity to Equity Mobile bank transfers, Bank to Mobile Wallet transfers, and Mobile payments for Bills, Utilities, Shopping, Fuel, etc.
