Equity Bank has been named Africa’s Best Digital Bank for 2019 at the Euromoney Awards for Excellence, validating its role in delivering simple, fast, convenient and affordable banking products and services to customers.
Equity was recognized for being a bank that shows true leadership in its digital offerings, both in corporate and retail banking and uses technology to benefit both clients and the efficiency of the institution, placing digital at the heart of its business.
Digitization has seen 93% of loans disbursed by the bank, is accessed through the mobile channels, while 97% of all cash-based transactions are happening outside Equity Bank branches, with mobile and agency channels taking the lion’s share.
- The best banks in the world are honored in Euromoney’s annual Awards for Excellence, which is considered the most coveted and competitive in the global banking industry.
- The Euromoney Annual Awards were held in the UK at the London Hilton Park Lane.
Digitization of the customer journey has eased customer experience leading to the growth of digital payment transactions by 94% in the last year. It has also supported growth of the Bank’s customer numbers to 13.7 million and customer deposit growth of 12% to Kshs 428.5 billion, up from Kshs 382.4 billion, thus driving the group balance sheet up by 15% to Kshs 605.7 billion as at March 31, 2019.
These new self-service channels that enable customers to do banking on their own devices has revolutionized money transfer and payments with customers having greater control and freedom to manage their bank accounts. This also confirms that customers want a banking service that is integrated into their everyday lives.
Established in 1992, the Euromoney Awards for Excellence were the first of their kind in the global banking industry. This year, Euromoney received almost 1,000 submissions from banks in the awards program that covers 20 global awards, more than 50 regional awards, and Best Bank awards in close to 100 countries.