Equity Bank’s Digital Services Earns it Africa’s Best Digital Bank Award
Equity Bank has been named Africa’s Best Digital Bank for 2019 at the Euromoney Awards for Excellence.
The function which was held in the UK validated the bank’s role in delivering simple, fast, convenient, and affordable banking products and services to customers.
The bank shined for its ability to use technology to benefit both the clients and censuring efficiency. The bank was applauded for putting the digital platform at heart leading to authentic leadership in corporate and retail banking.
The bank was able to disburse 93% of its loans via mobile channels and conducted 97% of the cash-based transactions outside the branches.
The bank has recorded growth of its transactions by 94% and increased customer numbers to 13.7 million. Deposits by customers have increased by 12% to hit Kshs 428.5 billion, up from Kshs 382.4 billion, thanks to the digitization.
The new self-service channel enabling the clients’ bank and withdraw money on their own via their devices has given the customers more freedom and control in matters managing their accounts. This indicates that the customers highly prefer financial institutions that blend with the client’s day to day lives.
Through the services, the bank has been able to net Kshs 605.7 billion as on March 31, 2019.
Over 1,000 banks had made submissions in the award program from close to 100 countries around the globe.