Equity records a 23.3% increase in digital transactions to Ksh. 2,288.8 billion
Equity Group released its Q1 2023 results on Tuesday reporting a 23.3% increase in digital transactions to Ksh. 2,288.8 billion from Kshs.1,856.6 billion.
Digital payments via the bank also grew by 171% to Kshs 54.2 billion from Kshs 20 billion.
The fintech/digital capabilities of the Group continued to be strengthened by the successful rollout of the interoperable universal digital payments platform, Pay with Equity (PwE), whose transactions volume grew by 243% to 48.3 million transactions up from 14.1 million transactions.
Mobile and Internet banking transactions grew by 270% to 1,336.3 million transactions up from 361.6 million transactions. Transaction income grew by 73% to Kshs.4,119.6 million up from Kshs.2,388 million.
Speaking while releasing the results, Dr. James Mwangi, Equity Group Managing Director and CEO said “The COVID environment acted as a tailwind for digital transactions adoption by our customers and we have emerged out of the 3-year pandemic period as a strong digital business,”
Equity also revealed that 98% of all transactions happen outside of the branch while 96% of all transactions are happening on 3rd party and self-service platforms delivering 70% of value of transactions. 87% of all loans are being processed on mobile channels while 82% of all transactions are cashless.
Overall, the Group registered a 21% growth with total assets reaching Kshs.1,537.7 billion. Funding the asset growth is a 23% growth in customer deposits with the proceeds deployed to grow loan the book by 21%. Customer deposits grew to Kshs.1,111.2 billion up from Kshs.900.9 billion while the loan book grew to Kshs.756.3 billion up from Kshs.623.6 billion.
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