Equity Bank, is targeting at least one million merchants in the next three years through its mobile banking service, EazzyBanking service, which enables customers to pay for goods and services.
Equity Bank is now complimenting its MNVO strategy through digitizing retail outlets to give them an interoperable capability. The Bank is recruiting kiosks, shops, supermarkets, airlines, petrol stations, hotels, canteen and schools at the rate of 1,000 merchants daily. Customers will pay for goods and services by sending cash to an assigned EazzyPay till number.
“Merchants will be charged an average of one per cent commission of the transaction services but for the customer, it will be totally free, “said Equity Bank Chief Executive Officer, Dr. James Mwangi. The customers can access the service either through their Equitel line or the mobile App- Eazzy App downloadable from Google Play store or Apply App store. They can also pay straight from any mobile wallet into EazzyPay.
According to Communications Authority of Kenya (CA) data for the three months to June Equitel has recently become the country’s second largest mover of mobile money after M-pesa accounting for 14% of all transactions.