Equity Group has for the first time in history handled less than half of its transaction value within its branches, accounting for only 37.4% of such value with 62.6% of the value of transactions taking place outside the branch. This new statistic reflects the increased adoption of digital payments among Kenyans.
According to data from the Bank’s full year 2020 financial results, digitization enabled 98% of all the Group transactions to happen outside banking hall, with 85% of the transactions being on self-service mobile and Internet banking. 12% of the transactions happened on Agency and Merchant banking third party variable cost infrastructure.
According to Equity Group’s Full Year 2020 investor repot records, adoption of digital payments was accelerated with the number of transactions processed over the Pay with Equity solutions. This grew by 31%, while the value of the transactions grew by 58% to reach Ksh. 2 trillion up from Ksh. 1.3 trillion.
The report further attributed the increased adoption to continued efforts by the bank to transform itself into a low-cost operating business model, by enabling self-service capabilities for customers and transforming the banking experience from physical to digital.
During the review period, only 3% of the bank’s transactions happened on fixed cost brick and mortar branch and ATM infrastructure.
At the same time, 97% of the loan transactions were conducted on the mobile channel delivering unparalleled convenience to borrowers, round the clock banking that compresses geography and time to allow whatever time, wherever location banking experience. This showing how ‘easy it is for customers and the general public to access Equity Bank loans from their mobile devices through platforms such as Eazzy App, Equitel, Eazzy Net and *247#.
For instance, through *247#, Equity customers can access an EazzyLoan of up to Ksh. 250,000 with a payment period of up to 1 month and one can take up to 3 loans at the same time. Through the same platforms, customers can also access another type of loan EazzyLoanPlus of up to Ksh. 600,000 payable within 3 months.
The bank commits to further its investment in research, data mining and analysis, and in fintech innovation to ensure that customers enjoy easy access to loans and its financial services.