Equity Group has seen their non-funded income account for 40% of total group earnings, against an industry average of 38%, for the financial year 2019. The lender managed to register a 19% increase in non-funded income, recording Kshs 29.9 billion in 2019, up from Kshs 25.1 billion in 2018.
Equity Group Managing Director, Dr. James Mwangi attributed this significant growth to continued focus on improving the quality of earnings aimed at steadily reducing reliance on interest income.
“Our strategy of improving the asset quality of the bank is hinged on a customer centric focus that signifies a tremendous transfer of value to the customers aimed at enriching the experience.”
EazzyPay transactions value hit Kshs 15.3 billion in 2019, recording a 129% rise
EazzyApp recorded 24% growth to register 321.5 million transactions last year
Agency deposits rose by 12% to hit Kshs 589.2 Billion in 2019
The lender has waived all mobile banking transaction fees until 30th June,2020
The performance was aided by Equity bank’s commitment to technology and innovation which saw the bank enhance its offering in this category. The outcome of this investment has seen reduced cost, lower risks, improved services, increased security, better flow of capital to areas of investment and more importantly, improved efficiency that serves the customers in real time.
“At 40% against an industry average of 38%, it is a reflection that the bank is fully committed to enhance the quality of earnings and with the payments systems we aim at growing this income to above 50%, added Dr. Mwangi.
Today, the Equity customer is the beneficiary of an array of technology based products and services with mobile based innovations increasing user interactivity. Among the most notable was Eazzy FX, Equity’s online forex trading platform, which registered a 100% growth in transactions from 2018 to record 2 million transactions whose value stood at Kshs 13 billion for the period ending 2019.
Equitel, maintained its growth momentum from 2018, by registering a 9% growth in value of transactions to record Kshs 622. 9 billion in 2019, a surge from Kshs 572 billion as per year end 2018. The Equitel platform registered 267.7 million transactions within the period, an increase from 252 million in 2018.
From mobile to agency banking, Equity’s non-branch alternatives continue to gain momentum. The agency banking channel recorded the highest value of transactions outside the branch, which stood at Kshs 800.6 billion for the year ended 2019, a 14% increase from the previous year, where the bank registered Kshs 703.2 billion in transaction value.
