[Kenya] Equity’s FinTech innovations in Merchant banking continues to boost digital commerce
Mobile-money continues to be the key driver behind the digitization of payments, this has seen Equity Bank through mobile wallets, cards and digital payments record significant growth over the past one year.
The use of 3rd party infrastructure, mainly merchant and payment points has enabled the creation of seamless distributed bridges for conversion of cash and digital currency. This also saw Merchant commissions grow by 19% to reach Kshs 1.74 billion up from Kshs 1.46 Billion.
The Group has gone beyond digitizing payments and the new frontier is digitization of services with the fastest growth now being registered by digitization of retail commerce through Eazzy Banking App that has seen the volume and value of transactions grow by 91% and 149% respectively year on year. The FinTech innovation, Eazzy Banking App cumulative transaction volumes also grew from Kshs 4.1B to Kshs 10.6B in the year under review.
“Eazzy Banking App is a point of sale based banking and a digital merchant banking platform and its impressive growth in number and value of transactions means that the platform’s efficiency has crowded the competition out of the sector,” says Dr. Mwangi.
“We have successfully managed to acquire significant market share across the digital banking space which places the bank at a leverage point that enables us further innovate and serve our customers dutifully,” added Dr. Mwangi.