Equity Bank has been named Africa’s Best Digital Bank for 2019 at the Euromoney Awards for Excellence, validating its role in delivering simple, fast, convenient and affordable banking products and services to customers.
Equity was recognised for being a bank that shows true leadership in its digital offerings, both in corporate and retail banking, and uses technology to benefit both clients and the efficiency of the institution, placing digital at the heart of its business.
Digitisation has seen 93% of all the loans disbursed by the bank, being accessed through the mobile channels, while 97% of all cash-based transactions are happening outside Equity Bank branches, with mobile and agency channels taking the lion’s share.
Digitisation of the customer journey has eased customer experience leading to growth of digital payment transactions by 94% in the last year. It has also supported growth of the bank’s customer numbers to 13.7 million, while customers’ deposits have grown by 12% to Kshs 428.5 billion, up from Kshs 382.4 billion. This has driven the group’s balance sheet up by 15% to Kshs 605.7 billion as at March 31, 2019.
These new self-service channels that enable customers to do banking on their own devices have revolutionized money transfer and payments with customers having greater control and freedom to manage their bank accounts. This also confirms that customers want a banking service that is integrated into their everyday lives.