In an attempt to make strides in financial inclusion in the country, Equity has taken various steps to drive its fintech innovation strategy. The fintech sector has positioned itself as one of Africa top-performing economies. According to the AFDB 2020 figures, Kenya leads in the continent in financial inclusion.
Equity Bank has continued to drive digital payments and transfers through EazzyPay and mobile application EazzyApp. Last year only, the EazzyPay transaction value grew from Kshs. 6.7 Billion to Kshs 15.3 Billion recording a 129 per cent increase. 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.
An implication that 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 has been configured to allow Equitel subscribers and EazzyApp users to make payments directly to merchants. For instance, they can use them in supermarkets, petrol stations, restaurants, general stores among other outlets.
In line with the current reality, and core belief of giving dignity and socially and economically empowering customers and communities. The bank has waived Mobile Banking Transaction Fees up to 30th June 2020. This includes Equity Mobile bank transfers, Bank to Mobile Wallet transfers, Mobile Wallet to Bank transfers. As well as Customer Payments using Equity Cards and Mobile payments for Bills.