The Equity Bank has released its half year 2019 results which shows that digitized banking services continue to account for the largest revenue growth.
According to the half year results:
- EazzyBanking App transactions up by 28% to reach 146M from 114M YoY
- EazzyPay transactions grew by 101% from 574K to 1.15M transactions
- Merchant transactions on Eazzy Biz up by 79% from 800K to 1.4M transactions
- Bank liquidity stands at 61%
- 93% (1.9M out of 2.0M) of loans disbursed was through Equitel mobile money
- 97% of all transactions done through agency banking and digital
- 11% growth in customer base from 12.5M to 13.9M accounts
Equity Bank has also been ranked as the fastest growing large bank in Africa on the 2019 the Banker global ranking, while Think Business has classified it as Africa’s Best Digital Bank.
The bank also recently partnered with East Africa’s most profitable company and the region’s largest telecom, Safaricom, to build and grow the local and East African regional fintech offering.
The Equity Bank’s impressive 2019 half year results, 97 percent of which are driven by digital channels, is proof that alternative digital platforms, both in credit facilitation and eCommerce, can have a huge impact on the bottom-line of financial institutions.