Equity Bank named the most innovative Bank in East Africa 2016

Equity Bank, Kenya’s largest in terms of customers’ base, has been recognized as the 2016 most innovative Bank. At this year’s Banker Africa, East Africa Awards, the bank also saw Equitel scooped the best mobile banking service at.

Upon receiving the awards Equity Bank Director of Corporate and SME Banking Rohit Kumar Singh said winning the Most Innovative Bank and the Best Mobile Banking awards for the second year in a row; 2015 and 2016 is a great achievement

“These two awards, motivates and encourages us to be more innovative and to scale up our offering to meet our customer needs.”

In his keynote address during the awards ceremony in Nairobi, the Central Bank of Kenya Chairman Jairus Mohammed Nyaoga noted that the East Africa region was leading in the banking sector in many ways.

“It is in Kenya that we first experienced mobile banking and it is here that it continues to rule the world from. In East Africa innovations such as agency banking are bringing banking service to the most remote regions and to our citizens that need them. This phenomenon has taken financial inclusion in our region to new heights.”

Equitel enables money transfer from one mobile phone or bank account to another within the Equity ecosystem free of charge making it convenient and affordable.

Equitel customers can also access loans like Eazzy Loan and ‘Eazzy Plus Loan’ where they can now borrow up to Sh3 million which is payable within 12 months. Making it the most robust money platform in the region.

According to Communications Authority of Kenya (CAK) Report 2015, during  the last quarter of the year,  the  number  of  mobile  money  transfer  subscriptions  was recorded  at  26.7  million  subscriptions  whereas  the  number  of  active  mobile  money  transfer agents  stood  at  141,542  at  the  end  of  the  quarter.

Mobile  commerce  recorded  a  total  of  138.6  million transactions  with  275.8  billion  Kenya  Shillings  was  used  to  pay  for  goods  and  service. This depicts how mobile money innovation is contributing to economic empowerment in the country.

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