Equity bank has been honoured with two awards by Visa for leading in Visa generated volumes in 2021. The bank won the Visa Top Acquiring Award as well as the Visa E-Commerce (Acquiring) Award.
Equity was also recognized for leading in eCommerce payment volumes which is attributed to a significant growth of its E-commerce volumes.
A total of 17 awards were presented to banks and merchants at the Visa Awards 2021.
The volume of transactions processed through Equity’s E-commerce business had tripled compared to 2020. The Bank recorded a total of Kshs. 78.12 billion in payment volume for the year 2021, a significant rise from Kshs. 51.21 billion in 2020. Transaction count increased by 21% to 14.08 million in 2021, up from 11.68 million in 2020.
The increase in digital transactions has been largely attributed to the Covid-19 pandemic which has necessitated customer change of behavior and willingness to conduct more online transactions.
Visa Vice President and Head of East Africa, Corine Mbiaketcha who presented Equity the awards noted that businesses had also “demonstrated an appetite for the mode of payments because they can easily track expenses and revenues.”
Mbiaketcha also noted that Kenya is leading African economic giants such as South Africa and Nigeria in digital payments. “In Kenya, 71% of continue to use cash while South Africa is at 91% and Nigeria at 94%.” She said.
Equity Bank Kenya Managing Director Gerald Warui said, “We are happy to have been recognized by Visa as the leader in the Acquiring and E-Commerce payment spaces. These awards are an indication of our continued focus on rolling out innovative products that meet the evolving needs of the market, more so during the COVID-19 pandemic where cashless payments have become the mainstay.”
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