Equity Group Holdings Plc launched financial tech (fintech) subsidiary Finserve as an autonomous commercial enterprise in a move the commercial services company says signals a future defined by disruptive innovation beyond the Group’s current financial services.
Finserve, which has been trading as Equitel will now serve to provide financial solutions not just for Equity Group, but to the entire economy.
While launching Finserve on Monday August 20, Equity Group chief executive and Managing Director Dr. James Mwangi said that fintechs will play a critical role in deepening financial inclusion and democratizing financial service provision. “Finserve will now be an independent commercial fintech that will provide technology solutions. Thanks to fintech innovations by Finserve, 97% of all Equity transactions are now outside the branch.”
— Equity Bank Kenya (@KeEquityBank) August 20, 2018
Dr. Mwangi also said that Equity Group would now become one of Finserve’s clients. “… we have taken a deliberate strategy to make Finserve an independent commercial subsidiary that will focus its efforts in delivering solutions to propel the African economy. Equity Group now becomes one of Finserve’s clients for technology solutions.”
Finserve has been behind innovations such as Equitel, the Equity Group’s Mobile Virtual Network Operator (MVNO). The mobile virtual network, in collaboration with partners Airtel Africa, allows users of an Equitel SIM Card to manage their bank accounts from their mobile phones via EazzyPay.
The fintech also offers EazzyBiz, a cash and liquidity management tool for corporates. Eazzy Chama enables saving groups to manage their group funds online while Eazzy Save is an instant account opening capability.
While serving as the technology arm of Equity Group, Finserve enabled Equity Bank to integrate with major global card associations including American Express, Mastercard, Visa, JCB, Dinners and Union Pay.
It also allowed for commercial diaspora transactions by integrating with remittance partners across the world such as Wave, PayPal, Equity Direct, Western Union and Money Gram.
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Finserve has been operating in Equity subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan and DR Congo.