Equity Bank Chief Officer of Corporate and SME Banking, Rohit Singh (L) and Finserve Marketing Manager Irene Gitonga (R) receive the Best Bank in Product Innovation Award from Craft Silicon’s CEO Kamal Budhabhatti. Equity Bank won Best Bank in Product Innovation for its new payment platform EazzyPay/ Photo: Courtesy
By SME Digital Correspondent
Equity Bank’s digital payment platform, EazzyPay, received an accolade at this year’s Think Business Awards, emerging as the Most Innovative Banking Solution in Kenya for its improved value to customers at a ceremony held last week in Nairobi.
The award came in just six months since its inception, adding Equity Group’s list of accolades to 19 received in this year’s banking awards. The interoperable payment platform has registered over 69, 600 merchants since inception in October 2016 as it evolves digital payments in the retail sector.
The Phone-Based Payment solution is unrivaled, robust and effectively interoperable providing users with great convenience in interpersonal and business transactions.
The platform has moved beyond a “wallet” based solution to a full banking solution for merchants that can transact high-value amounts. A customer can transact a maximum amount of Ksh. 1,000,000 per day.
EazzyPay also provides merchants with a comprehensive experience and tools that helps them grow their businesses such as Real Time Settlement at no extra cost, cash management, and acts a new revenue stream through income from Cash Back Option commissions.
The platform also allows the merchants to build their credit scores with the bank because all transactions through the EazzyPay Till will be reflected in their bank statement in real time.
The platform can be accessed through Equitel or by downloading the Equity Bank app dubbed EazzyBanking App and uses it to pay for goods and services as well as utility bills.
Due to its interoperability, EazzyPay also allows customers to pay for goods and services easily and conveniently using their mobile phone via Equitel, MPESA, PesaLink and Airtel Money. The solution is backed up by technology supported by world class secure and reliable systems.