Equity Group has announced that a significant 86% of all its transactions are now conducted through digital channels.
In its full-year 2024 financial results released last week, the bank reported a remarkable 67% year-on-year (YoY) growth in transactions processed via Equity Mobile, surging from Kshs 1.895 trillion to Kshs 3.174 trillion. Meanwhile, its online business platform, EazzyBiz, recorded a 21% increase, rising from Kshs 3.165 trillion to Kshs 3.841 trillion.
The bank’s interoperable payment service, Pay With Equity (PWE), saw a 14% increase in merchant transactions, growing from Kshs 1.884 trillion to Kshs 2.149 trillion. ATM usage also rose by 21%, reaching Kshs 481.4 billion from Kshs 398.6 billion, as more customers embraced the newly introduced Cash Deposit Machines, which provide convenient after-hours banking solutions for businesses.
‘’As part of its ongoing transformation, Equity Group has continued to invest in technology, infrastructure, and diversification.’’ Equity said in a statement.
‘’The Group has modernized its digital channels, which now process 86% of all transactions, enabling customers to access a seamless, digital first experience. Furthermore, ONE Equity, the Group’s integrated digital platform, allows customers to access a wide range of products and services under a single umbrella, enhancing cross-selling and customer engagement.’’
Equity Bank also highlighted the evolving role of its physical branches, which are increasingly focused on serving SMEs, large enterprises, and corporate clients. Transaction volumes at branches grew by 21%, climbing from Kshs 4.176 trillion to Kshs 5.046 trillion.
“Equity Group remains committed to driving positive change. Our focus on financial inclusion, regional expansion, and sustainable growth will enable us to continue being a catalyst for economic empowerment and resilience across Africa. As we move forward, we remain optimistic about the future and will continue to leverage our strengths to create long-term value and impact for our customers and shareholders.” Dr. James Mwangi, Equity Group Holdings Plc Managing Director and CEO said.
Brand Finance ranked the Bank as the 2nd strongest banking brand in the world in 2024 and as the most valuable brand in East and Central Africa, its value rising to USD 450 million (KES 64 billion).
Equity bank has also been a front runner, emerging as the best bank in several categories according to Think Business Banking awards. The Bank earned top honors, including recognition as the Best in Digital Banking, Best in Product Innovation, and Best in SME Banking, among others.
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