Equity Bank has been named 2019’s Best Digital Bank for 2019 in Africa at the Euro Money Awards.
Equity Bank was recognized 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 percent of loans disbursed by the bank accessed through the mobile channels, while 97 percent 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 the growth of digital payment transactions by 94 percent in the last year. It has also supported growth of the Bank’s customer numbers to 13.7 million and customer deposit growth of 12 percent to 428.5 billion shillings, up from 382.4 billion shillings, thus driving the group balance sheet up by 15 percent to 605.7 billion shillings as at March 31, 2019.
These new self-service channels that enable customers to do banking on their own devices has 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.
Established in 1992, the Euromoney Awards for Excellence were the first of their kind in the global banking industry. This year, Euromoney received almost 1,000 submissions from banks in the awards programme that covers 20 global awards, more than 50 regional awards, and Best Bank awards in close to 100 countries.