NAIROBI, Kenya, Mar 20 – Equitel’s Eazzy Loan disbursements increased by more than six times in 2016 to hit Sh38 billion from Sh5.4 billion in 2015.
T his represents a 618 per cent increase.
“The digitization strategy continued to bear fruit for the Bank as the Group rolled out tools that deepened financial inclusion and broadened access, which resulted in an enhanced savings culture,” said Equity Group CEO James Mwangi says.
Equitel users increased to 2.7 million up from 1.6 million over the same period while the value of transactions increased to Sh350 billion up from Sh115 billion, representing a 318 per cent rise.
The number of processed Equitel transactions also increased in 2016 from 94.3 million to 227.4 million, a 141 per cent rise.
Equity Group added that continued use of Equitel and other digital banking products was fundamental in reducing the Group’s cost-to-income ratio to 50.7 per cent in 2016 up from 52.9 per cent recorded in 2015.