It has been known for a long time that lender Equity has been pushing its services online. The development has since been accelerated thanks to the ongoing pandemic, but it doesn’t mean that the bank hadn’t made similar strides before the virus started affecting the country.
Besides, CBK’s Bank Supervision Annual Report 2020, notes that there was a notably high adoption of digital financial services by consumers to provide a channel for financial transactions with minimal physical contact, which was necessary to mitigate the spread of the virus.
Word from the bank has it that Equity digital banking services are now ahead of legacy/traditional banking in terms of volumes transacted. The announcement was made when the lender revealed its Q1 2021 results.
According to the bank, EazzyNet, its internet-based platform registered the most notable growth with a 235 percent growth from KES 2.9 billion in March 2020 to KES 9.7 billion in March 2021.
Another significant growth was recorded for the popular Eazzy Banking app whose growth was at 222 percent, from registering KES 39.3 billion in volume in Q1 2020 to KES 126.6 billion in Q1 2021.
The highest volume was registered on Equitel at KES 421.8 billion.
Other platforms recorded growth as EazzyFx volumes rose by 152% to Ksh 12.2B and EazzyBiz at Ksh 259B which was a double-digit growth at 98%.
“Over the last one year, we have witnessed firsthand as our customers adopted our mobile and internet technology channels on self-service devices making our financial services offering truly a 24-hour service and lifestyle,” said Equity CEO, James Mwangi
