![[Kenya] Equity's EazzyNet transactions up by 598%](Images/Key Logos/Equity-bank.jpg)
[Kenya] Equity's EazzyNet transactions up by 598%
Equity’s business transformation through innovation and digitization efforts continues to face off the legacy banking model. The number transactions via digital channels stood at 1,247.6M while 40.8M transactions accounted for branches and ATMs in 2021 Financial Year.
As per last year’s performance, 88% of Equity Group's loan transactions were done via mobile channels as 75% of customers embraced cashless payment capabilities rather than transacting in cash. This transformation to 3rd party variable cost channels and self-service platforms is leveraging off the virtual infrastructure: Equity mobile, Equitel, Eazzy FX, Pay with Equity, EazzyNet, agency, merchants among others.
While commenting on this trend during the Full Year 2021 the Group CEO and MD, Dr. James Mwangi noted that the bulk of the customers’ engagement and consumption of banking products and services is now on digital channels of internet and mobile on self service devices delivering a 24-hour experience and convenience. Shifting banking through devices by compressing geography and distance.
The volumes transacted despite zero rating mobile transactions moved up from Kes. 3,050.6B in 2020 to Kes. 5,952.4B 2021 full year mainly driven by mobile and internet channels. They accounted for the largest share with 1,112.0M transactions up from the previous years’ 770.5M with the volumes moving up by 113% on Equity mobile App from Kes. 299.4B in 2020 to Kes. 636.9B 2021, Equitel volumes rose by 100% on Equitel from Kes. 934.2B in 2020 to Kes. 1,870.0B while EazyNet moved a record 598% from Kes. 18.9B to Kes. 131.9B cementing the bank’s position in the digital space.
Through trade facilitation, income grew by 37% to Kshs 10.4 billion up from Kshs 7.6 billion on the back of E-commerce and Merchant banking business. EazzyPay volumes rose by 379% accounting for Kes. 137.7B 2021 form Kes. 28.8B in 2020 as the number of transactions moving up by significantly by 406%, from 5.3 to 26.7 by end of last year. The online platform for SMEs and Corporates volumes rose by 110% to hit Kes. 1,496.3B in volumes, as significant shift from the previous year where 3.5 transactions accounted for Kes. 713.8B while merchant banking accounted for Kes. 135.3B from Kes 92.6M from the previous financial year.
Additionally, through fintech capabilities and other online channels such as EazzyFX, foreign exchange trading income grew by 33% to Kshs 8.3 billion up from Kshs 6.2 billion driven by diaspora inflows that grew 37% to reach Kshs 383.5 billion up from Kshs 279.4 billion.
