Remember a time when banking was just for the elite? Remember a time when the minimum balance to open a bank account was Ksh 10,000 while the country’s GDP per capita was less than US$100? Remember the time when banks had a minimum operating account? Remember the time when we would queue for hours on end to make payments for electricity, then move to pay water in a different building and finally move to a different location to pay for cable TV?
Well, these times are just but a memory.
Over the years, we have seen Equity Bank distrupt the banking industry by being the first bank to offer financial services to the unbankable making the unbanked banked from 4% to the current 72%. They have been on a journey to change how banking is done in Kenya.
Let us look at the journey in three stages
Equity 1.0
When Equity came into the market, its main aim was to democratize banking. Its mission was to give dignity and honour to Kenyans who would not otherwise be found in a banking hall. They did this by first and foremost, removing barriers that would otherwise keep people out of banks by doing the following like removing the account opening balance and the minimum operating balance that most banks have. They also allowed Kenyans to open an account with just an ID. This made it easy for the unbankable to get bank account
Equity 2.0
2004 – 2014 was a period for Equity Bank to ensure everyone from all corners of Kenya had access to a bank account. This involved scaling their distribution network while building a socioeconomic brand.
They seamlessly integrate channels to improve experience and re-designed operating model for efficiency by introducing agents who saved customers time, distance and money. They also introduced village mobile banks during market days in rural areas during market days. These mobile banks can originate loans, facilitate deposits and withdrawals.Another innovation they introduced at this stage was E-banking that enabled customers to link their accounts online and do deposits and withdrawals while also introducing supreme branches which SMEs have really taken advantage of.
By the end of this phase, Equity Bank had over 9 million customers with 30,000 shareholders.
Equity 3.0
This the stage of the future, as people are saying. Most banks have not reached at this level yet and as Equity Bank is doing what we all thought impossible some time back.
The customers are speaking, and they are speaking loudly. We have been listening. Truly, we are a listening, caring partner – Dr. James Mwangi
They are giving customers freedom, choice and control with the most easiest, secure and convenient banking experience ever.So far, there are 2.5 million customers on Equitel who have done 13 7million transactions which is more than branches, ATMs and Agents combined. This indicates that the customers want self service banking on their mobile phones and payment is the most preferred service from a bank
Equity 3.0 is disrupting the industry by leveraging on technology and innovation and converging financial products and services. The aim here is to scale brand visibility and loyalty.
Banking as a lifestyle
Under this new phase, Equity Bank has managed to turn banking into a lifestyle. By leveraging on technology, they have introduced Eazzy Banking, where customers have control of their bank in their hands.
Equity Bank knows that all we want is to experience convenience in life, and they have introduced products that will enable us walk with our banks through our mobile phones in an app that is secure, simple and convenient.
Let’s go through the 7 suites in they recently introduced.
EazzyPay
This allows you to pay for goods, services and bills using your phone eg supermarkets, petrol stations, airlines, hotels as well as online. What’s more, there are no charges if you pay from your Equitel line. It works with all mobile networks though and if your merchant has the Cashback sign, you can withdraw cash as you pay for goods. What’s more, they come preloaded in the app, so you do not have to note down all the paybills.
EazzyApp
This is a one stop shop kind of app that is a banking and payment platform. With this app you can basically do everything that you usually do at your local bank branch from withdrawing money, depositing money, transferring to other accounts as well as get loans.
EazzyLoan
Did you know that you can get a loan upto Ksh 3million instantly on your phone. No forms, no guarantors. You can monitor your loan, your repayments as long as you have the Eazzyapp or an equitel line. You must also have had an Equity account for 6 months. To get an account, dial #247# and get signed up in minutes
EazzyChama
We all love chamas or investment groups. Not only do we get to bond and sip some wine as we catch up on gossip, we also discuss various investments that interest us. This suite allows members of the chama to see the activities of the account, encouraging transparency. You can monitor group transactions, track your contributions which saves time for you and your group.
If you hold joint accounts with your spouse, a family member or an investment group, this will be an exciting feature for you. You can operate your joint account straight from your phone. You can now use your Equitel line to approve group account transactions using your PIN. You also don’t need to meet physically as signatories to sign a cheque or authorise a transaction. It is all done on the phone.
EazzyNet
This offers customers a great online experience. It has improved features that makes it easier for users to navigate the platform easily. If you are a Paypal account holder, you will be able to withdraw your funds from your Equity Bank account in three days. This has reduced from the the eight day wait.
EazzyBiz
This suite is great for small businesses. It is a robust, secure and comprehensive cash and liquidity management solution that incorporates payments, collections & receivables to cater for cash management requirements of small businesses.
You will process payments in real time which saves time through the Apps automated process. You can work at any time, any day, anywhere. You will increase your cashflow through an efficient collection mechanism while having an excellent audit trail that allows you to track and audit all transactions.
EazzyAPI
Equity Bank has exposed the bank’s capabilities in the form of APIs for direct integrations to their systems that will enable developers and businesses to transfer funds within and outside Equity, to pay for goods and service, to top up airtime as well as open accounts instantly.
So what are you waiting for? Download the EazzyApp on Google Play or the Apple Store and start banking with style.