Equity Bank Ups the Game on Mobile and Digital Banking with Launch of Eazzy Banking Suite of Digital Products

Equity Bank Kenya has today unveiled the Eazzy Banking Suite of Digital Products set to keep up with the increasing competition and disruption in the mobile banking industry in the country.

This marks the third phase of the bank’s evolution and growth that is characterized by technology and digitization. The new Equity 3.0 suite will be able to drive transformation both to the bank and to its customers with the purpose of responding to them and also being in a position to meet their needs. The Equity 3.0 Digital Banking Data Centre is extremely secure, robust and redundant

It has come apparent that competition for clients and profits in the banking sector has shifted 100 percent to mobile, and this is one of the reasons why Equity Bank resolved into partnering with Oracle Kenya to come up with its cloud-based multichannel platform.

Speaking during the launch of the Eazzy Banking Suite of Digital Products, Equity Bank’s Chief Executive Officer and Managing Director, Dr. James Mwangi said that their purpose is to respond to their customers and meet their needs.

“Time has come for us to disrupt ourselves completely at the behest of our customers. We either disrupt ourselves or others will. Equity Bank has demystified banking for the ordinary customers, and our Equity 3.0 is about the customer” said Dr. Mwangi.

According to Dr. Mwangi, all the developments done by the bank have been institutional centric but their current focus is totally on their customers adding that globalization has changed how they do business and how competition is viewed. Equity bank is the first bank in the region to have its payment cards system PCI DSS compliant.

“The disruption must be led by us to succeed. We are following the customer trends as we have no choice but to do so or else we will fail completely,” said the Banks C.E.O.

It was disclosed that 72 percent of Kenyans have bank accounts, principally courtesy of disruptions from Equity Bank which holds 56 percent of the total bank accounts in Kenya. Furthermore, the market cap for the bank is at 25 percent of the total 11 banks that are listed on the National Securities Exchange (NSE).

“We had to develop our mobile channel to remove control from a telco to help us grow better. Equity Bank controls 59 percent of all the agent network across the country which shows how banking is changing, “added Dr. Mwangi

52 percent of Kenyans prefer mobile banking to all other forms of banking platforms and since the launch of Equitel money. The platform has a total of 2.3 million customers with 137 million transactions. 84 percent of loans were processed digitally in the last one year by the bank thus making it be ranked as the best in the world of mobile banking.

Since the initiation of Equitel, the platform has so far disbursed Kshs.30 billion in one year. A survey conducted indicated that 88 percent of customers would prefer an app as opposed to going to the branch. Equitel currently has 2.5 million customers and 90 percent of them are using their lines for banking. The future of banking is convergence of payments, products and services and channels.

Among the products that have launched today are:

Eazzy Pay

You can now pay for bills, goods and services straight from your phone using; Your Equitel Line, Equity Bank App (Eazzy App) or Mobile money (Mpesa  Airtel Money and Orange Money)  Look out for outlets with an EazzyPay Accepted Here signage; at shops, supermarkets, airlines, petrol stations, hotels, canteens as well as online.

Eazzy App

EazzyApp is your Bank anywhere, anytime. Everything you do at the bank is now on Eazzy App. From sending money to paying for goods and services, accessing Eazzy loans, paying bills, checking the status of your account or saving for your future goals, it is all in your hands.

Download the Eazzy App from Google Play Store or the App Store today

Eazzy Loan

Get an Eazzy loan of up to Kshs. 3million instantly on your phone. You don’t have to fill in any forms and no need for guarantors. What’s more, you can monitor your loan balance and make repayments through your Equitel line or use the EazzyApp.

You can access Eazzy Loan from Equitel, EazzyApp or EazzyNet

Eazzy bank account

Opening an Equity Bank account is easy. Simply dial *247# from your current local mobile network and open one instantly, hapo hapo. Download the EazzyApp and start doing your  banking anywhere, anytime through your phone;  pay bills, buy goods and services for free, send money for free, apply and get a loan, check your account balance, withdraw money from an agent or ATM and much more.

Eazzy Chama

This is an online solution that allows Joint, Investment, Group or Chama account holders to manage their group activities like record keeping and banking transactions, while maintaining transparency and accessibility among all group members. This solution allows group members to monitor group transactions, track personal transactions therefore saving time and work efficiently

Multiple approvals

Good news to holders of Joint, Group and Chama accounts. You can operate your joint account straight from your phone. No matter where you are, you can now use your Equitel line to approve group account transactions using your PIN. Multiple approvals allows signatories to transact wherever they are eliminating the need to physically meet in order to sign a cheque or to authorize transactions. It is safe, secure and convenient.

Eazzy Net

EazzyNet, offers our retail customers better online experience. Our new look and improved features enhances your online banking experience, making it easier to navigate through the platform. Bank anywhere, any time. The platform also enables PayPal account holders to withdraw their funds direct to their Equity Bank accounts within three business days. 

Eazzy Biz

This is a robust, secure and comprehensive Cash and Liquidity Management solution that incorporates Payments, Collections & Receivables, Liquidity Management and Host to Host (H2H) modules to cater for Cash Management requirements of Corporate and SME clients. Seamlessly integrated, it gives you a global view of your cash position, enables you to make payments, manage your cash flow and balances across multiple currencies and locations. EazzyBiz offers a great user experience, unified view of accounts and has information rendering capability through analytics and management dashboards.

EazzyAPI

With Eazzy API, application developers, businesses, institutions and payment providers can now leverage the full capabilities of a digital bank. We have exposed the bank’s capabilities in the form of APIs for direct integrations to your systems or customers with bank grade security at the heart of such implementations. These APIs include:  Funds transfer (within and outside Equity), Airtime top up from any telco at a discount, Pay bills, goods and services,  Instant Equity account opening and much more. Visit the Eazzy API portal.

Read: Equity Bank taps into Zanzibar’s tourism economy