Equity Bank has made some updates to its Eazzy Banking App for both iOS and Android devices.
The newly updated app now has a feature that will allow new customers to open accounts instantly via the app, while only using their national identification number; allowing them to transact, save and borrow through the platform without having to visit a physical branch or doing any paperwork.
The App also now has an enhanced security feature that allows customers to login using fingerprint biometrics on their mobile devices. Furthermore, customers will receive a one-time verification code sent to their registered mobile number for every transaction they initiate giving them an added layer of security when using the App.
The lender in a statement said it has concentrated its efforts on making the Eazzy Banking App more functional based on customers preferences that they have observed overtime. Customers will be able to access convenient, affordable, and relevant loan products through the app. In addition to normal instalment loans, customers can borrow loans to purchase water tanks, borehole drilling, or smartphone loans to purchase their preferred mobile phone from phone dealers across the country.
The upgraded app will give customers more convenience to send and receive money, apply for loans as well as manage their finances especially at this time when access to traditional banking avenues has been curtailed by the Covid-19 pandemic.
Customers with foreign currency accounts will also be able to transact to and from their accounts using the Eazzy Banking platform.
Overall, customer ability to navigate the platform and perform a wider array of transactions ranging from paying utilities, PIN reset, transferring funds across accounts and banks, and making e-commerce transactions among other capabilities, has been simplified.
Billers and merchants have been categorized according to the most popular and the favourites. This simplifies the identification of billers of choice and and facilitates last mile retail digital payments. The upgraded App also comes with a scan to pay option, using mVisa and QR codes. Customers are able to use this as a payment option at any Equity merchant location countrywide.
Currently, Eazzy Banking App has over 1 million downloads. The app has the capability of performing 300 million transactions every second.
The bank’s fintech and innovation strategy continues to drive digital payments and transfers through Eazzy Banking. As of March 2020, the App’s transaction numbers rose by 25%, to 88.2 million from 70.5 million in the same period last year. Additionally, the value of transactions on the App was Kshs 43.3 Billion in the first quarter of 2020 compared to Kshs 38 billion in the same period last year, representing a 14% rise.