[Kenya] Equity Bank’s EazzyBiz platform records 79 per cent growth boosted by uptake from SMEs, corporates

The number of transactions conducted through EazzyBiz platform grew by 79 percent from 800,000 to 1.4 million during the first six months of the year, backed by continued uptake by Corporates and SMEs. The platform recorded a growth of 58 percent in transaction value from Sh123.6 billion in the first half of 2018 to Sh195.6 billion during a similar period this year.
The EazzyBiz platform is seamlessly integrated to give customers a global view of their cash position, make payments and manage cash balances across multiple currencies and locations at the comfort of their offices.
It offers a great user experience, unified view of accounts, payments, collections and receivables and has information rendering capability through analytics and management dashboards.
Commenting on the growth, Equity Group Managing Director and CEO Dr. James Mwangi said: “We decided to digitize businesses and we can see EazzyBiz is transforming businesses through cash and liquidity management, leading to growth in number of transactions and volumes.”
At the same time, Eazzypay transactions grew by 101 percent from 574,000 to 1.15 million transactions increasing its volume by 172 percent from Sh2.4 billion to Sh6.4 billion in H1 2019.
Merchant transactions grew by 36 percent to reach 10.7 million up from 7.9 million transactions, a 29 percent growth in transaction value from Sh42 billion to Sh54 billion, demonstrating the lenders ability to leverage off its 3rd party infrastructure variable cost.
According to Central Bank of Kenya (CBK), digital innovations have enabled banks to reach out to more customers and offer them services more efficiently. CBK notes that integration of digital technology into the banking business will lead to fundamental changes in how the banking sector operates and delivers value to its customers.
Industry players concurs that banks that embrace innovation and adopt new technologies have unprecedented opportunities to change and improve how they provide financial services and products.
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