This archive report was first published on 18 September 2019.
On September 18, 2019, Equity Group reported a significant growth in the number of transactions conducted through its EazzyBiz platform, which rose by 79% from 800,000 to 1.4 million in the first six months of the year.
The platform's cash and liquidity management solution recorded a notable growth of 58% in transaction value, increasing from Ksh123.6 billion in the first half of 2018 to Ksh195.6 billion in the first half of 2019.
Equity Group's Managing Director and CEO, Dr. James Mwangi, attributed the growth to the platform's ability to digitize businesses and provide a unified view of accounts, payments, collections, and receivables.
‘We decided to digitize businesses and we can see EazzyBiz is transforming businesses through cash and liquidity management, leading to growth in the number of transactions and volumes,' Dr. Mwangi said.
Additionally, Eazzypay transactions grew by 101% from 574,000 to 1.15 million, while merchant transactions increased by 36% to reach 10.7 million, with a 29% growth in transaction value from Ksh42 billion to Ksh54 billion.
Industry players agree that banks that adopt new technologies have unprecedented opportunities to change and improve how they provide financial services and products.
