Over the past few years, Equity has made strategic investments in fintech with a view of increasing efficiency which has an effect on reducing costs.
It is this fintech and innovation strategy that has continued to drive digital payments and transfers through EazzyPay and mobile application EazzyApp. Last year, EazzyPay transaction value rose from Kshs. 6.7 Billion to Kshs 15.3 Billion, while EazzyApp grew by 24% to hit 321.5million transactions.
To support deposit mobilization and digital payments, agency banking recorded a rise in deposit amounts from Kshs 524 .9Billion in 2018 to Kshs 589.2 Billion in 2019. The business model is evolving from a fixed to a viable cost business model leveraging off variable cost 3rd party infrastructure principally mobile, internet, agency and merchant banking. 97% of all transactions happen outside the branch.
As a response to the Corona virus pandemic, the bank has waived Mobile Banking Transaction Fees up to 30th June 2020 on Equity Mobile bank transfers, Bank to Mobile Wallet transfers, Mobile Wallet to Bank transfers, Customer Payments using Equity Cards and Mobile payments for Bills.