Connect with us

National

Equity Group increases investment in digital platforms to meet growing demand

Commenting on the growth during Monday’s investor briefing, Equity Group CEO Dr James Mwangi said “this growth shows the success of the Group’s strategy of migrating the customers from the legacy banking infrastructure to the digital banking infrastructure. This speaks to the appropriateness of the offering to the customer. We have pushed control, freedom and choice to the customer.”

Please Share

Published

on

Equity Group CEO Dr James Mwangi(centre) during a function.PHOTO/Courtesy.

The uptake of digital banking services by customers is moving Equity Group Holdings Plc away from the brick and mortar fixed-cost business model to a variable-cost third party based infrastructure business model.

In the just-released 2021half-year results, digital channels accounted for 97% of the group’s transactions. 606.9 million transactions were complete through the Eazzy banking suite, agency banking and merchants compared to 385.2 million recorded last year, indicating a 66% growth.

In terms of value, transactions worth KES 2.5 trillion were made on the digital channels compared to KES 1.2 trillion last year.

Commenting on the growth during Monday’s investor briefing, Equity Group CEO Dr James Mwangi said “this growth shows the success of the Group’s strategy of migrating the customers from the legacy banking infrastructure to the digital banking infrastructure. This speaks to the appropriateness of the offering to the customer. We have pushed control, freedom and choice to the customer.”

“Banking has become a 24-hour activity, the control of the account is also by the customer and this gives them freedom and convenience,” he added.

The Covid-19 pandemic has accelerated the adoption of digital banking and payment solutions by forcing consumers to shift behaviours and adopt more technology to assist with their day-to-day lives in all aspects, including their finances.

“Covid-19 pandemic has acted as a tailwind for customers’ adoption of digital offering fastening the pace of business transformation with significant upside on efficiency as the Group increasingly becomes a technology platform and transform from being a fixed cost business to a variable cost business,” said Dr Mwangi.

Transactions on Equity Bank’s EazzyApp grew by 95% from 200.4 million transactions in 2020 to 390.3 million. In terms of value, there was a 186% growth from KES 97.1 billion to KES 277.6 billion. Agency banking transactions grew from 37.6 million to 39.5 million while merchant transactions grew from 9.7 million to 11 million, indicating a growth of 5% and 13% respectively.

The bank’s other digital channels like Equitel, EazzyFX (forex trading), EazzyBiz and EazzyPay also recorded significant growth in the first half of the year.

During the period under review, transactions on the group’s fixed cost brick and mortar branch and ATM infrastructure grew to KES 1.4 trillion from KES 1.1 trillion.

Equity Group has invested in building and onboarding platforms that allow it to respond to customer demands and stay steps ahead of the market in delivering efficient and convenient experiences to the consumer.

Please Share

National

Atheists fault petition seeking to deregister society

Atheists in Kenya have protested a petition that they say seeks to create a notion that Kenya is a nation by and for believers in God only.

Please Share

Published

on

President of the Atheists in Kenya Society, Harrison Mumia

Atheists in Kenya have protested a petition that they say seeks to create a notion that Kenya is a nation by and for believers in God only.

Former Juja MP, Dr Stephen Ndichu has moved to court seeking to have the Atheists in Kenya Society suspended on grounds that its continued existence is unconstitutional.

In a statement, the society’s president, Harrison Mumia says the petition is an assault on religious freedom and an insult to the diversity of the Kenyan people.

“We find the petition repugnant to a good conscience,” he stated adding that Dr Ndichu is a Christian fundamentalist who seems to harbour paranoid fantasies about the dangers of atheists existing in Kenya.

He further accused Dr Ndichu of seeing enemies where there is none and that the society was surprised, but not shocked as religion has historically inhibited progress.

He vowed that the society would do everything within its power to defend its right to remain a registered society and urged Kenyans to support fighting the petition.

On Sunday, the society said it will be writing to President William Ruto seeking an invitation to State House, just like the evangelical denominations.

Please Share
Continue Reading

National

Uhuru Gardens ready for Madaraka Day fete, says PS Kibicho

The principal secretary said they would be visiting the gardens every Thursday until June 1 to ensure all loose ends are tied up properly, promising that the celebrations will be very colourful.

Please Share

Published

on

Madaraka Day

This year’s national Madaraka Day celebrations at Uhuru Gardens in Nairobi County will be open to 30,000 people, up from 10,000 in 2021.

Permanent Secretary in the State Department for Interior, Dr Karanja Kibicho, said this follows the relaxation of COVID-19 containment measures.

“Children will also be allowed in on the celebrations this year, and we expect county celebrations to happen too,” the PS said while on an inspection tour of the venue.

The PS said the government decided to move the celebrations from the County rotational back to Nairobi because it will be the last event for the current administration before it exits office.

“Because of the significance of this particular Madaraka day, being the last for this regime, we decided to celebrate it at Uhuru Gardens to break the tradition of celebrating it in counties,”

He revealed that preparations were currently at 90 percent complete and expressed confidence that all will be set for the event as the country marks 59 years of self rule.

The principal secretary said they would be visiting the gardens every Thursday until June 1 to ensure all loose ends are tied up properly, promising that the celebrations will be very colourful.

Please Share
Continue Reading

National

Queen Elizabeth mourns Kibaki as a great Statesman with commendable legacy

Kibaki will be buried at his home in Othaya, Nyeri County on Saturday.

Please Share

Published

on

Queen Elizabeth II has mourned former President the late Mwai Kibaki eulogizing him as “a great statesman”.

“I was sorry to receive the news of the death of Mwai Kibaki. He had a lifelong record of service to the Kenyan people. It will be of deep sadness to your country to have lost a great statesman, but Kenya can take pride in the legacy of his leadership. I send you and the people of Kenya my condolences at this loss,” the message read.

The British High Commission further affirmed its close ties to Kenya and renewed its assurances to the country’s Ministry of Foreign Affairs.

“The British High Commission avails itself of this opportunity to renew to the Ministry of Foreign Affairs of the Republic of Kenya the assurances of its highest consideration,” the High Commission said.

The late Kibaki passed away on 21 April 2022, aged 90.

President Uhuru, who issued a proclamation that he would be granted a state funeral with full civilian and military honours, announced his death.

Kibaki will be buried at his home in Othaya, Nyeri County on Saturday.

Please Share
Continue Reading

Trending

Copyright © 2021 Nakuru News