Equity Bank Kenya announced that the successful implementation of its digitisation strategy is bearing fruits, with its digital products posting impressive growth for the period ended 30th June 2017.
The Group’s consistent pursuit of a sustainable business model that is heavily focused on innovation has seen Equitel market share grow to nearly 25% of the value of mobile banking transactions in Kenya. The implementation of the digitization strategy sees Eazzy Banking products demonstrating good uptake.
EazzyBiz has hit Kshs11.1B per month in value of transactions, EazzyPay is moving Kshs 319.5M per month and now accounts for 30% of the mobile commerce market share, and EazzyBanking App’s transactional value stands at Kshs 6.5B per month after only six months of launch.
Speaking during an Investor Briefing, Equity Bank CEO, Dr. James Mwangi said “The Group’s business continues to demonstrate resilience. 2017 is proving to be an extension of the tough operating environment witnessed in 2016 but as a Group we have already developed and adopted a sustainable business model to cushion the business as well as boost value creation for shareholders. Innovation has proved to be a great enabler in driving growth. We are already registering efficiency gains from digitization.”
The Group’s performance is validated by the ranking by the Banker as the 37th Most Solid Bank of the Top 1000 large banks in the world and ranked 11th on Return in Assets.
Equity Bank was also awarded Super brand status in 2017 for the 10th year in a row by Super Brands East Africa. This affirms the Bank’s commitment to offering customer focused products and services to its diversified clientele base.
According to the latest Global Credit Rating, Equity maintained its investment grade AA- with a stable outlook. Euromoney Awards of excellence also named Equity as Africa’s Best Bank in 2016 and Kenya’s Best SME Bank.
Going forward the Group will focus on enhancing an agile balance sheet with strong liquidity and improved asset quality, brand investment and visibility as well as digitization and innovation for increased efficiency and customer convenience.