• Latest
  • All
  • How To
Equitel to Introduce Medical Insurance Product Tied to Mobile Subscribers’ Consumption Habits

Equitel’s Transaction Volumes rose 562% as Equity Bank turns Digital for Growth

May 10, 2016
Samsung QLED TVs

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

May 9, 2025
Apple Smart Glasses

Apple Is Making Its Own Chip for Smart Glasses Coming by 2027

May 9, 2025
Safaricom

Safaricom Breaks Barriers with $3B Milestone and Bold Ethiopia Play

May 9, 2025
Private Number calls

How to Handle Private Number Calls in Kenya

May 8, 2025
DHgate Tablet Cases deals
Kenya Power EV charging stations

Kenya Power Rolls Out 45 EV Charging Stations Across the Country

May 8, 2025
Bayobab

MTN’s Bayobab Connects Uganda and Kenya with New Fiber Route

May 8, 2025
Airtel Africa Starlink partnership

Starlink Is Expanding in Africa Through New Airtel Partnership

May 8, 2025
Android FreeType patch

Android May 2025 Security Update Fixes Critical FreeType Zero-Click Vulnerability

May 7, 2025
worldcoin kenya

Court Ruling Orders Worldcoin to Delete All Kenyan Biometric Records

May 7, 2025
smartphones-2024

Smartphone Market Recovers Slightly in Q1 2025 With Apple, Vivo Leading Gains

May 7, 2025
GTA 6 Trailer 2

GTA 6 Trailer 2: Rockstar Confirms Release Date and Dual Protagonists

May 7, 2025
YouTube Premium Duo

YouTube Now Lets Two People Share a Premium Plan

May 6, 2025
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
No Result
View All Result

Equitel’s Transaction Volumes rose 562% as Equity Bank turns Digital for Growth

Eric Wainaina by Eric Wainaina
May 10, 2016
in News
Reading Time: 2 mins read
256
3

Equitel SIM card

Equity Bank has today announced its  Q1 2016 results where the bank saw its profit before tax rise 20% from Kshs. 6.1 Billion to 7.2 Billion. The firm’s profit after tax rose 19% from Kshs. 4.3 Billion to Kshs. 5.1 Billion. The company also saw its total Loan portfolio grow to Sh272 billion from Sh269 billion recorded in March 31, 2015.

The growth in the company’s loan portfolio was propelled by the growth in the company’s digital banking offerings. Total value of transactions on the digital platform stood at 177 Billion with over 200 Million transactions executed via the platform. The company’s agency banking service witnessed a 26% quarter on quarter growth in transaction numbers to 14 Million with the value of transaction via agencies rising 37% to 102 Million in the quarter. The bank’s  merchant banking saw a 45% growth to 2.2 Million transactions value at 11.1 Billion shillings. Digital banking service impacted the bank’s brick and mortar model with ATM withdrawals declining 15% to 6.6 Million transaction while value of transactions fell 6% to 47.8 Billion. Branch traffic also declined 15% with 5.5 Million transactions physical transactions taking place valued at 335 Billion.

The Communications Authority of Kenya in April released its Q2 sector statistics report for the financial year 2015/2016 (October-December 2015). The report noted the growth of Equity Bank’s Equitel platform which grew its market share by 0.8% to 3.7%. The number of subscribers grew by 29% to 1.4 Million  from 1,085,000 in the previous quarter. This growth was also seen in company’s financial results. Equity Bank reports stated it had registered 2 Million subscribers as of March 2016.

The bank announced that Equitel represented 81% of all loans issued by the bank at 2.8 Million. The bank issued loans totaling 3.4 Million. Equitel further saw a 315% quarter on quarter rise in transaction volumes to 45.6 Million from 11 Million in Q1 2015. The value of these transaction rose 562% to 62 Billion from 9.4 Billion in Q1 2015. The average loans issued via the platform stood at 42,000 up from 7,000 with the average repayment period at 4 Months. In total, transactions via mobile devices stood at  79.5 Million for the quarter. Equity Bank CEO stated he sees robust growth in their digital offering as a key driver for growth going forward and as the firm looks to deepen financial inclusion.

Tags: EquitelEquity Bank
SendShare146Tweet92
Eric Wainaina

Eric Wainaina

Eric writes on business, govt policy and enterprise tech.

Related Posts

Report on Mobile money industry in kenya

Kenya’s GDP Per Capita Up $460, Thanks to Mobile Money

April 1, 2025
How to Borrow Airtime on MPesa, Airtel, and Equitel

How to Borrow Airtime on Safaricom, Airtel, and Equitel in Kenya

March 14, 2025
home internet wifi prices in kenya

How Kenyans connect to the Internet from Submarine Cable Infrastructure, ISPs to Personal Devices

January 25, 2025
Mobile Money Interoperability

Kenya’s Mobile Money Tax Is One of Africa’s Highest

December 17, 2024
Equity bank and Mastercard Customer Business Agreement

Cross Border Payment: Equity Bank and Mastercard Join Forces

October 5, 2023
Central Bank of Kenya Kenya Quick Response(QR) Code Standard 2023

Kenya Launches QR Code Standard: What You Need to Know

May 3, 2023

Latest

Samsung QLED TVs

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

May 9, 2025
Apple Smart Glasses

Apple Is Making Its Own Chip for Smart Glasses Coming by 2027

May 9, 2025
Safaricom

Safaricom Breaks Barriers with $3B Milestone and Bold Ethiopia Play

May 9, 2025
Private Number calls

How to Handle Private Number Calls in Kenya

May 8, 2025
Kenya Power EV charging stations

Kenya Power Rolls Out 45 EV Charging Stations Across the Country

May 8, 2025
Bayobab

MTN’s Bayobab Connects Uganda and Kenya with New Fiber Route

May 8, 2025

Best devices

budget smartwatches 2025

Best Budget Smartwatches To Buy in Kenya 2025

February 13, 2025

Best Infinix Smartphones To Buy in Kenya 2024

February 13, 2025

Best Laptops for Battery Life in 2024

August 21, 2024

Best “Battery Warrior” Smartphones To Buy in 2024

August 22, 2024

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

May 9, 2025

Apple Is Making Its Own Chip for Smart Glasses Coming by 2027

May 9, 2025

Techweez is a fast growing influential source of technology news, reviews and analysis by leading tech geeks in the industry.

Follow Us

Editorials

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

Trump’s Tariffs Will Be the End of Affordable Tech

5 Ways to Prep Your Tech for Resale

The Weaponization of PDFs: How Cybercriminals Are Exploiting a Trusted Format

Introducing A Brainbox Quiz: Techweez’s Monthly Trivia Night!

5 Most Reliable Virtual Dollar Card Providers in Nigeria

More News

Starlink Is Expanding in Africa Through New Airtel Partnership

Android May 2025 Security Update Fixes Critical FreeType Zero-Click Vulnerability

Court Ruling Orders Worldcoin to Delete All Kenyan Biometric Records

Smartphone Market Recovers Slightly in Q1 2025 With Apple, Vivo Leading Gains

GTA 6 Trailer 2: Rockstar Confirms Release Date and Dual Protagonists

YouTube Now Lets Two People Share a Premium Plan

  • Terms Of Use
  • Techweez Brand
  • Privacy & Policy
  • Contact Us

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!

Hey there! Just a heads-up: we're big fans of cookies - both the digital and edible kind! 🍪 We use our cookies and some from third parties to ensure your browsing experience on our site is smooth sailing and secure.

 

But wait, there's more! We also use cookies to gather stats and insights on how you navigate our site. It's like getting a behind-the-scenes peek at your digital adventures!

 

Don't worry, you're in control. You can adjust your cookie settings anytime to suit your preferences. Feeling curious? Dive into our Privacy Policy for all the juicy details. Happy browsing! 🚀

Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
No Result
View All Result
  • News
  • Reviews
  • Features
  • Editorial
  • Automotive
  • Entertainment

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.