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 has been facilitating its customers to enhance use of its non-branch channels to facilitate transactions and access to key products and services such as Equity loans.
By Waiving fees on mobile transactions charges Equity 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 per cent of the bank’s total transactions, with mobile and internet banking accounting for 79 per cent of all non-branch transactions. However, the branches retained the bulk of the transactions accounting for 47 per cent of total transactions, followed by mobile and internet, and agency banking accounting for 27 per cent and 17 per cent respectively.
Through an elaborate fintech strategy, the bank registered significant growth across the digital platforms during the period, with Eazzy Fx registering 100 per cent growth in both volume and value of transactions. The bank’s payments channel EazzyPay registered 900,000 transactions, a 64 per cent surge compared to a similar period last year, with volumes transacted rising by 82 per cent from Sh. 2.9 billion last year to Sh. 5.2 billion within the period.
Eazzybiz oversaw a 46 per cent growth in volumes transacted from Sh. 89.4 billion last year to end the quarter at Sh. 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 per cent growth in volumes transacted during the quarter from Sh. 2.4 billion same period last year to Sh 3.2 billion this year. Similarly, the Eazzy banking App managed a 25 per cent growth in transactions from 70.5 million to 88.2 million this year, with a 14 per cent growth in values transacted from Sh. 38 billion to Sh. 43.3 billion this quarter.
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Equity has managed to leverage off variable cost third 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. Below is a breakdown of services whose fees the bank has suspended until June 30:
- All Equity to Equity Mobile bank transfers – FREE
- All Bank to Mobile Wallet transfers – FREE
- All Mobile Wallet to Bank transfers – FREE
- Customer Payments using Equity Cards – FREE
- Mobile payments for Bills, Utilities, Shopping, Fuel, etc. – FREE
- Mobile balance and limit enquiries – FREE