In light of the Covid-19 pandemic, the government and Central Bank of Kenya, advocated for a resort to cashless transactions to contain the spread of the pandemic. Equity Bank says it has been facilitating its customers to enhance use of its non-branch channels to facilitate transactions and access to key products and services.
By Waiving fees on mobile transactions charges the bank says it continues support the government initiatives of facilitating cashless transactions to help alleviate the impact of Covid-19 on its customers.
During the period, Equity’s digital banking channels accounted for 94% of Group’s total transactions, with mobile and internet banking accounting for 79% of all non-branch transactions. However, the branches retained the bulk of the transactions accounting for 47% of total transactions, followed by mobile & internet, and agency banking accounting for 27% and 17% respectively.
Through an elaborate fintech strategy, the bank registered significant growth across the digital platforms during the period, with Eazzy Fx registering 100% growth in both volume and value of transactions. The bank’s payments channel EazzyPay registered 900,000 transactions, a 64% surge compared to a similar period last year, with volumes transacted rising by 82% from Ksh 2.9 billion last year to Ksh 5.2 billion within the period.
Eazzybiz oversaw a 46% growth in volumes transacted from Ksh 89.4 billion last year to end the quarter at 130.5 billion. The platform has been a suitable alternative for Equity’s SME and corporate customers during this period, where businesses are able to use the cashless platform for liquidity and cash management functions.
Eazzynet, Equity’s internet banking cash lite solution, managed 33% growth in volumes transacted during the quarter from Ksh 2.4 billion same period last year to Ksh 3.2 billion this year. Similarly, the Eazzy banking App managed a 25% growth in transactions from 70.5 million to 88.2 million this year, with a 14% growth in values transacted from Ksh 38 billion to Ksh 43.3 billion this quarter.
Equity has managed to leverage off variable cost 3rd party infrastructure to facilitate ease of access to its digital alternative platforms, which through enhanced efficiency have become a convenient alternative for customers enabling them carry out core functions in real time from their premises.
In a move to support initiatives aimed at mitigating the impact of Covid-19 and encourage cash lite transactions, Equity has withdrawn all charges and fees on mobile banking transactions during the period, as it continues to support its customers during this unprecedented business environment.