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Friday, September 17, 2021

Mobile banking is taking queues out of bank halls

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BY PETER WAFULA – Bank customers are deserting banking halls as preference to mobile and online banking platforms continue to take root in the banking sector, causing a major shift in how customers are accessing banking services.

A report by Equity bank reveals four out of five transactions are processed on digital platform. The bank’s digitization strategy began in 2016 and has seen the creation of digital products tailor made to meet its more than 12.6 Million customer base.93% of digital loans given by the bank are disbursed through Equitel and EazzyBanking app.

Eazzy loan is a digital loan product that enables Equity bank’s customers to borrow up to Ksh.3 Million payable in 12 months. The loan can be processed anywhere, anytime through Equitel lines or the EazzyBanking app.Furthermore, the loans do not require a guarantor, or need to fill forms and credit is immediately advanced. For convenience, customers can monitor loan balances and make repayments through their Equitel lines and the EazzyBanking app.

Equity Group CEO James Mwangi (R) in this file photo leads other top officials during official launch of Equitel

Mobile banking has emerged as a handy powerful tool for entrepreneurs to quickly seize opportunities whether in quick cash to meet supply orders, restock supplies or cash for overheads.

Equity Bank is currently the largest bank in Eastern and Central Africa region with over 12.6 million customers, the largest in market capitalization and second largest in balance sheet. It is listed at the Nairobi Securities Exchange and cross listed at Uganda and Rwanda Stock Exchange. It has banking subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan and DRC.

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