This archive report was first published on 3 August 2019.
On August 3, 2019, Equity Bank announced a 10% growth in its half-year pretax profits, thanks to its pioneering digitization strategy. The bank's mobile transactions rose from 76.4% to 77.4% in the first quarter of 2019.
The bank's Eazzy Suite and Equitel platforms have been instrumental in propelling the bank's collection of deposits and loan disbursements. A staggering 97% of the bank's total transactions took place outside the branch network, through mobile channels, agent locations, and ATMs.
The bank's smartphone-based mobile application, Eazzy App, saw a 28% increase in transactions, from 114 million to 146 million, while Equitel transactions grew by 5%, from 121 million to 126 million.
Equity Group's digitization strategy has improved customers' access to credit, with the mobile channel disbursing 1.9 million loans worth Kshs20 billion. Dr. James Mwangi, the Group Managing Director and CEO, noted that the branch channel is evolving into an SME advisory center as customers turn to more convenient self-service digital channels.
The bank's digital payment platform, Eazzypay, has seen a 101% growth in the number of transactions and a 172% increase in volume, further solidifying its position in the market.
Equity Bank's success can be attributed to its omni-channel convergence of products and services, as well as its investment in alternative channels of business, particularly agency banking.
For more information on Equity's Half-year performance, visit here.
