77% of the Equity Group’s transactions are now on mobile, 12% on agency network, 3% through merchants and only 4% and 3% happen on ATMs and branches respectively. 97% of all transactions now happen outside the branch while 93% of all the Group loan transactions are via the mobile channels. This announcement came when the Bank announced its financial results this week.
According to the Bank, they have gone beyond digitizing payments & the new frontier is digitization of services with the fastest growth now being registered by digitization of retail commerce through EazzyPay, whose volume & value of transactions grew by 91% & 149% respectively.
With mobile money becoming a must-have in this economy and with more young people becoming in tune with their money & how to spend, save and invest it; its clear that financial institutions will gain more from digitizing their services.
Relentless pursuit of innovations has resulted in the Group delivering products and services substantially on 3rd party variable cost channels and infrastructure as opposed to fixed cost channels. 77% of Equity Group’s transactions are now on mobile, 12% on agency network, 3% through merchants and only 4% and 3% happen on ATMs and branches respectively. Majority of the customers are now enabled on self-service mobile and internet compressing geography and time enabling 24-hour banking services.
The use of 3rd party infrastructure, mainly merchant and payment points has enabled creation of seamless distributed bridges for conversion of cash and digital currency for Equity.