East Africa: Equity's Digital Banking Strategy Goes for SMEs, Corporates Through Equitel
11 November 2016
Equity Bank is targeting to process loans for its corporate and Small and medium-sized enterprises (SMEs) through its Equitel mobile and other digital platforms.
Equity Bank says that its Equitel mobile platform has the cognitive analytics to assess risk and make credit decisions for this class of customers.
"By December we will have digitised SME, asset finance, mortgage and other loans," said Equity Group CEO Dr. James Mwangi while releasing the bank's third quarter results.
The bank will be able to process Eazzy loans to corporate customers for as much as Ksh12.5 billion through its digital platforms.
Equitel users can borrow up to Ksh3 million payable within 12 months through the "Eazzy Loan" products. Equitel more than doubled the number of transactions the mobile platform processed in the third quarter of 2016 when compared with a similar period a year before.
Equitel processed 150.8 million transactions in the third quarter of 2016 up from 62.2 million a year earlier, representing a 142 per cent increase.
The value of transactions over the same period increased by 476 per cent to stand at Ksh250.8 billion up from Ksh43.6 billion.