Equity Group Holdings has today reported that for the first time, its physical branches have accounted for only 37.4% of its transaction value with 62.6% of transactions taking place outside the branch, pointing to increased adoption of digital payments among Kenyans.
According to data from the bank’s full-year 2020 financial results, digitization enabled 98% of all the Group transactions to happen outside the branches with 85% of the transactions being on self-service mobile and Internet banking and 12% of the transactions happening on Agency and Merchant banking third party variable cost infrastructure.
“Adoption of digital payments was accelerated with the number of transactions processed over the Pay with Equity solutions growing by 31% and the value of the transactions growing by 58% to reach Kshs 2 trillion up from Kshs 1.3 trillion.” Equity Group Holdings Fully Year 2020 investor reports records.
The report further attributed the increased adoption to continued efforts by the bank to transform itself into a low-cost operating business model, by enabling self-service capabilities for customers and transforming the banking experience from the place you go, to something you do on the device.
During the review period, only 3% of the bank’s transactions happened on fixed cost brick and mortar branch and ATM infrastructure.
At the same time, 97% of the loan transactions were conducted on the mobile channel delivering unparalleled convenience to borrowers, round the clock banking that compresses geography and time to allow whatever time, wherever location banking experience. This shows how easy it is for customers and the general public to access Equity Bank loans from their mobile devices through platforms such as Eazzy App, Equitel, Eazzy Net and via USSD.
For instance, through the USSD platform, Equity customers can access an EazzyLoan of up to KES. 250,000 with a payment period of up to 1 month and one can take up to 3 loans at the same time. Through the same platforms, customers can also access another type of loan EazzyLoanPlus of up to KES. 600,000 payable within 3 months.
The bank says it is committed to further its investment in research, data mining and analysis, and fintech innovation to ensure that customers enjoy easy access to loans and its financial services.