Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Equitel mobile loans grows 6 times to hit Sh38.5Bn

Equity Bank CEO James Mwangi said the digitization strategy continued to bear fruit for the Bank as the Group rolled out tools that deepened financial inclusion and broadened access/FILE

NAIROBI, Kenya, Mar 20 – Equitel’s Eazzy Loan disbursements increased by more than six times in 2016. 

Equity Bank announced that the value of Eazzy Loans advanced last year increased to Sh38.5 billion up from Sh5.4 billion in 2015, a 618 per cent increase.

“The digitization strategy continued to bear fruit for the Bank as the Group rolled out tools that deepened financial inclusion and broadened access, which resulted in an enhanced savings culture,” said Equity Group CEO while releasing the 2016 Full Year financial results at the Group’s investor briefing.

Equitel users increased to 2.7 million up from 1.6 million over the same period while the value of transactions increased to Sh350 billion up from Sh115 billion, representing a 318 per cent rise.

The number of processed Equitel transactions also increased in 2016 from 94.3 million to 227.4 million, a 141 per cent rise.

Equity Group added that continued use of Equitel and other digital banking products was fundamental in reducing the Group’scost-to-income ratio to 50.7 per cent in 2016up from 52.9 per cent recorded in 2015.

Overall, the Group’s profit before tax grew to Kshs 24.9 billion from Kshs 24.0 billion during the same period in 2015with the regional subsidiaries contributing Ksh1.4 billion, accounting for 5 per cent of the Group profit before tax.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...