Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The platform recorded a growth of 58 percent in transaction value from Sh123.6 billion in the first half of 2018 to Sh195.6 billion for the half-year ended June 2019/FILE

Kenya

Equity’s digital platform records 79pc growth

The platform recorded a growth of 58 percent in transaction value from Sh123.6 billion in the first half of 2018 to Sh195.6 billion for the half-year ended June 2019/FILE

NAIROBI, Kenya, Sept 18 – The number of transactions conducted through EazzyBiz platform grew by 79 percent from 800,000 to 1.4 million during the first six months of the year, backed by continued uptake by Corporates and SMEs.

The platform recorded a growth of 58 percent in transaction value from Sh123.6 billion in the first half of 2018 to Sh195.6 billion during a similar period this year.

The EazzyBiz platform is seamlessly integrated to give customers a global view of their cash position, make payments and manage cash balances across multiple currencies and locations at the comfort of their offices.

It offers a great user experience, unified view of accounts, payments, collections and receivables and has information rendering capability through analytics and management dashboards.

Commenting on the growth, Equity Group Managing Director and CEO Dr. James Mwangi said: “We decided to digitize businesses and we can see EazzyBiz is transforming businesses through cash and liquidity management, leading to growth in number of transactions and volumes.”

At the same time, Eazzypay transactions grew by 101 percent from 574,000 to 1.15 million transactions increasing its volume by 172 percent from Sh2.4 billion to Sh6.4 billion in H1 2019.

Merchant transactions grew by 36 percent to reach 10.7 million up from 7.9 million transactions, a 29 percent growth in transaction value from Sh42 billion to Sh54 billion, demonstrating the lenders ability to leverage off its 3rd party infrastructure variable cost.

According to Central Bank of Kenya (CBK), digital innovations have enabled banks to reach out to more customers and offer them services more efficiently. CBK notes that integration of digital technology into the banking business will lead to fundamental changes in how the banking sector operates and delivers value to its customers.

Industry players concurs that banks that embrace innovation and adopt new technologies have unprecedented opportunities to change and improve how they provide financial services and products.

Advertisement. Scroll to continue reading.
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...