Equity Bank has announced that its already positioning its network of 190 branches into centres of providing advisory and consultation services for SMEs and large customers as retail clients shifted to digital channels.
In its third-quarter financial results released on Monday, Equity bank announced that legacy banking – physical branch networks and ATMs, now account for only 3% of the bank’s transactions. 945 million transactions were carried out on mobile devices or on 3rd party infrastructure.
During the week, Safaricom also announced a 42% growth in transactions volume to 7.3 billion as it released its financial results for the six months ending 30th September 2021. This was partly attributed to the growth in the bank to mobile transactions as Kenyans were encouraged to avoid handling cash and other physical payment methods as part of the Covid-19 containment measures. The telco attributes the growth in its mobile money services to innovations in the financial sector.
“The power that a branch manager used to enjoy of deciding when a customer gets service and what service they get has been shifted to the customer. They have ultimately won the freedom of managing their own money.” said Equity Group CEO, Dr James Mwangi at the investor briefing.
READ; Equity Group’s Q3 Pre-tax Profit rises 85% to KSh 36.6 Billion
