Equity Bank’s mobile money platform Equitel registered growth in transaction volumes, contributing to the growth in the Group’s non-funded income.
Equitel transaction income increased to Kshs 308.8 million in the first quarter of 2017 from Kshs 176.9 million that was recorded in a similar period a year earlier, translating to a 75 per cent increase over the period.
Revenues from the Equitel mobile money platform, EazzyPay service and a suite of other digital banking products contributed in increasing non-funded income to Kshs 6.3 billion from Kshs 5.1 billion, a 21 per cent increase over the period.
Eazzy banking App transactions grew by 28%; Eazy Biz by 56%; EazzyNet by 32% and EazzyPay by 171%.
Equity Group CEO James Mwangi said that the Bank’s digital banking strategy is now paying off. “These strategic initiatives have begun to bear fruit in a very strong way,” said Mwangi while releasing the first quarter results.
Transactions processed through Equitel increased by 57 per cent to stand at 71.4 million from 45.6 million while the value of transactions increased by 89 per cent to Kshs 118 billion from Kshs 62.4 billion.
Overall the Group recorded a Kshs 6.9 billion profit before tax in the first three months of the year, a 5 per cent drop from Kshs 7.3 billion that was posted over a similar period in 2016.