The number of transactions conducted through Equity Bank’s EazzyBiz platform grew by 79% from 800,000 to 1.4 million during the first six months of the year, demonstrating a phenomenon uptake of the solution by corporates and SMEs.
The platform, which has a cash and liquidity management solution, recorded a growth of 58% in transaction value from Ksh123.6 billion in the first half of 2018 to Ksh195.6 billion in the first half of 2019.
The EazzyBiz platform is 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 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 the number of transactions and volumes.”
At the same time, Eazzypay transactions grew by 101% from 574,000 to 1.15 million increasing its volume by 172% from Ksh 2.4 billion to Ksh6.4 billion in H1 2019. Merchant transactions grew by 36% to reach 10.7 million up from 7.9 million transactions, a 29% growth in transaction value from Ksh42 billion to Ksh54 billion, demonstrating the lender’s 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 the 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 concur that banks that embrace innovation and adopt new technologies have unprecedented opportunities to change and improve how they provide financial services and products.