Nairobi — Equity’s business transformation through digitization efforts has continued to face off its’ legacy banking model, in that for every transaction via a bank branch, 30 transactions take place on digital channels.
In 2021, the number of transactions taking place via digital channels stood at 1.24billion while 40.8 million transactions accounted for branches and ATMs.
As per last year’s performance, 88 per cent of Equity Group’s loan transactions were done via mobile channels as 75 per cent of customers embraced cashless payment capabilities rather than transacting in cash.
While commenting on this trend during the Full Year 2021 the Group CEO and MD, 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.
Volumes transacted despite zero-rating mobile transactions moved up from Sh3.05 trillion in 2020 to Sh5.95trillion in the year mainly driven by mobile and internet channels.
Digital channels accounted for the largest share with 1.1billion transactions up from the previous years’ 770.5million with the volumes moving up by 113 per cent on Equity mobile App from Sh299.4billion in 2020 to Sh636.9billion in 2021.
Equitel volumes rose by 100 per cent from Sh934.2billion in 2020 to Sh1.87trillion while EazyNet moved a record 598 per cent from Sh18.9billion to Sh131.9billion.
EazzyPay volumes rose by 379 per cent accounting for Sh137.7billion from Sh28.8billion in 2020.
Additionally, through fintech capabilities and other online channels such as EazzyFX, foreign exchange trading income grew by 33 per cent to Sh8.3 billion up from Sh6.2 billion driven by diaspora inflows that grew 37 per cent to reach Sh383.5 billion up from Sh279.4 billion.
