The Central Bank of Kenya (CBK)’s Bank Supervision Annual Report 2020 noted that there was a notably high adoption of digital financial services by consumers during the beginning months of the pandemic in the country.
This is believed in part due to consumers seeking channels for financial transactions with minimal physical contact, a necessity in remaining safe and socially distant as COVID-19 waves fluctuate.
Now according to Techweez, the digital banking services provided by Equity Bank Kenya are now ahead of its traditional banking in terms of sheer volumes transacted. This comes via an announcement made when the lender revealed its Q1 2021 results.
According to Equity, EazzyNet, its internet-based platform registered an enormous growth of 235% from KES 2.9-billion in March 2020 to KES 9.7-billion in March 2021. The growth is simply explosive and lends insights into how digital banking can supersede difficulties in banking due to infrastructure or safety concerns.
“Over the last one year, we have witnessed firsthand as our customers adopted our mobile and internet technology channels on self-service devices making our financial services offering truly a 24-hour service and lifestyle,” says Equity CEO, James Mwangi.
Equity’s popular banking app Eazzy Banking saw a growth of 222%, from KES 39.3-billion in Q1 2020 to KES 126.6-billion in Q1 2021.
Other Equity Holding online platforms also saw significant usage increases, with EazzyFx volumes rising by 152% to KES 12.2-billion and EazzyBiz at KES 259-billion, with a growth of 98%.
90% of Kenyan small businesses use M-Pesa for Payments
A survey conducted by Amethyst Consultants on SME (small to medium enterprises) perceptions of banking products in Kenya showed that up to 95% of SMEs (9 out of 10 companies) in the country use M-Pesa, Vodafone’s mobile money service, to process payments.
“The survey highlighted that SMEs continue to be resilient through the pandemic season and a third [of SMEs] are looking forward to a better future in 2021,” says Amethyst Consultants Founding Director, Sharon Mbugua.