The Communications Authority of Kenya in its Q3 sector statistics released in June 2017 offered interesting insights into the growth of mobile banking in Kenya. One key insight was the rapid growth of Equitel which now has nearly 2 Million customers. Equitel was launched by Equity Bank with the view of offering convergence between banking and mobile devices as well as creating a lifestyle appeal to consumers.
The CA report noted that Kshs. 270 Billion worth of transactions was transacted through the platform. Of these transactions, Kshs. 189 Billion were mobile commerce related while Kshs. 97 Billion were in Person to Person transfers. This growth can be attributed to Equitel’s EazzyPay which is a relatively new player in the scene but has shown rapid and remarkable growth. EazzyPay allows Equitel subscribers and EazzyBanking APP users to make payments to merchants. A unique feature is the fact that EazzyPay merchants can receive payments from M-Pesa , Airtel Money and PesaLink.
EazzyPay currently boasts of nearly 30,000 registered merchants and the number keeps growing. In announcing the Group’s financial results for the period ended 30th June 2017, EazzyPay continues to grow with transactions per month hitting over 84,000 transactions monthly, valued at Kshs.320 Million.
So what makes Equity Bank’s EazzyPay Attractive?
As an Equity customer, Pay Goods and Services function does not charge transaction fees if you are using the EazzyBanking App or Equitel SIM.You can also use the Supermarket Merchants or some retail merchants to withdraw cash as you pay for your shopping through the CashBack service, which makes it easy to access your money anytime. Another advantage of EazzyPay is that it has set the maximum amount that can be transacted per day at Kshs. 1,000,000.
For merchants, the service offers value-adds like real-time settlement such that any amounts transacted immediately hits the merchant’s Equity Bank account. At the same time, the minimum amount transacted is set at Kshs. 1 and the maximum at Kshs. 1,000,000, which makes it particularly convenient for all forms of transactions. Merchants can also use the EazzyPay offering to improve their credit score, making it easy to access credit facilities from Equity Bank. Finally, the signup process to become a merchant is not lengthy and requires one to have a running business, fill-out the necessary registration forms and get signed up to the service.
EazzyPay is currently available in a number of stores, billing company sites such as DSTV, GOTV, Star Times, KPLC, supermarkets, petrol stations such as Shell, Engen, National Oil among others; hotels, schools, airline sites such as KQ and Jambojet and online portals like eCitizen.
How to use the service
On the EazzyBanking App, select the Eazzypay option within the App, enter the till number, enter amount and wait for the confirmation message.
On the Equitel line, select My Money, select EazzyPay, choose the Pay Goods and Services, enter the till number, amount details and Confirm ; upon which you will receive a notification.
Its that easy or is it Eazzy!