Kenya continues to make strides in financial inclusion for more than 10 years now thanks to digital solutions offered through the fintechs.
Equity Bank’s Fintech and innovation strategy continue to drive digital payments and transfers through EazzyPay and mobile application EazzyApp.
Last year, EazzyPay transaction value rose from Kshs.6.7B to Kshs 15.3B while EazzyApp grew by 24% to hit 321.5 million transactions.
To support deposit mobilization and digital payments, agency banking recorded a rise in deposit amounts from Kshs 524.9B in 2018 to Kshs 589.2B 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.
Through EazzyApp, Equity customers are able to make payments and cash transfers in real-time from their bank accounts through the mobile phone.
EazzyPay platform allows Equitel subscribers and EazzyApp users to make payments directly to merchants like supermarkets, petrol stations, restaurants, general stores among other outlets.
In the wake of Covid-19, 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.