Borrowers received Sh38.5 million in credit from Equitel’s Eazzy platform as value of loans disbursed increases by 618% in 2016

Borrowers received Sh38.5 million in credit from Equitel’s Eazzy platform as value of loans disbursed increases by 618% in 2016
  • Equitel Eazy Loan disbursement rose by 618% in 2016 hitting 38.5 billion compared to what the lender recorded in 2015
  • During the year 2016,  value of Eazzy Loans advanced to Sh38.5 billion up from Sh5.4 billion in 2015
  • During the perido under review, the number of processed Equitel transactions also increased from 94.3 million to 227.4 million, a 141% rise

Equitel’s Eazzy Loan disbursements increased more than six times in 2016, making the platform the preferred choice for bank customers seeking to access credit.

Equity Bank, which operates the Equitel mobile money transfer service, announced that the value of Eazzy Loans advanced last year increased to Sh38.5 billion up from Sh5.4 billion in 2015 representing a 618% 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, Dr James Mwangi while releasing the 2016 Full Year financial results at the Group’s investor briefing.

READ ALSO: Equity’s digital banking strategy takes root as Equitel sees 142 per cent increase in mobile money transactions

The number of Equitel users increased to 2.7 million up from 1.6 million over the same period while the value of transactions more than tripled to Sh350 billion up from Sh115 billion.

The number of processed Equitel transactions also increased in 2016 from 94.3 million to 227.4 million, a 141% rise.

Overall, the Group’s profit before tax grew to Sh24.9 billion from Sh24.0 billion during the same period in 2015 with the regional subsidiaries contributing Sh1.4 billion, accounting for 5% of the Group profit before tax.

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