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Equity Group Holdings Plc Launches Its Fintech Subsidiary– Finserve

The fintech has already stormed the market with two revolutionary products that offer innovative solutions to businesses and developers. Launched under the name Jenga, a Swahili word for ‘build’, they provide a versatile payment gateway and open APIs

Equity Group Holdings Plc has today launched its fintech subsidiary, Finserve, signaling a future defined by disruptive innovation beyond the Group’s current financial services. Finserve will operate as an autonomous commercial enterprise, delivering solutions not just for Equity Group, but to the entire economy.

Finserve has been the technology arm of Equity Group and is credited with revolutionizing banking and other financial services through digitization. It has been behind innovations such as Equitel, the Group’s Mobile Virtual Network Operator (MVNO).

Customers using the Equitel SIM card can manage their bank accounts from their mobile phones – sending money to any bank and any mobile network, paying for goods and services using EazzyPay, applying and receiving instant Eazzy Loan on their phones as well as making calls and buying data bundles.

Finserve innovated the digital banking capability of Equity Bank under the brand name Eazzy Banking. The suite of self-service digital tools has redefined mobile banking through the Eazzy Banking App which enables customers to perform over 60 functionalities. EazzyNet enables customers to do all their banking on the Internet while EazzyBiz is a cash and liquidity management tool for corporates. Eazzy Chama enables saving groups to manage their group funds online while Eazzy Save is an instant account opening capability.

Through versatile payment capabilities, Finserve enabled the Bank to integrate with all major global card associations including American Express, Mastercard, Visa, JCB, Dinners and Union Pay, becoming the single largest aggregator of card payments in the region. In addition, Equity Bank has become the leader in merchant banking and agency banking. Finserve has also integrated will global fintechs like Ali Pay and Wechat. By integrating with remittance partners across the world such as Wave, PayPal, Equity Direct, Western Union and Money Gram, the Bank has become the leading channel for diaspora remittances. Effectively, Finserve has become the fintech convergence point for players from both the East and West.

Most of these innovations have been rolled out beyond Kenya as plug-and-play solutions, by Equity Group subsidiaries in Uganda, Tanzania, Rwanda, South Sudan and DR Congo.

While launching Finserve, Equity Group CEO and Managing Director Dr. James Mwangi said that fintechs will play a critical role in deepening financial inclusion and democratizing financial service provision. “Finserve will now be an independent commercial fintech that will provide technology solutions. Thanks to fintech innovations by Finserve, 97% of all Equity transactions are now outside the branch. In the spirit of shared prosperity, and having seen the revolutionary impact that fintech capabilities have brought to the Bank, we have taken a deliberate strategy to make Finserve an independent commercial subsidiary that will focus its efforts in delivering solutions to propel the African economy. Equity Group now becomes one of Finserve’s clients for technology solutions.”

The fintech has already stormed the market with two revolutionary products that offer innovative solutions to businesses and developers. Launched under the name Jenga, a Swahili word for ‘build’, they provide a versatile payment gateway and open APIs

Equity Group Holdings Plc has today launched its fintech subsidiary, Finserve, signaling a future defined by disruptive innovation beyond the Group’s current financial services. Finserve will operate as an autonomous commercial enterprise, delivering solutions not just for Equity Group, but to the entire economy.

Finserve has been the technology arm of Equity Group and is credited with revolutionizing banking and other financial services through digitization. It has been behind innovations such as Equitel, the Group’s Mobile Virtual Network Operator (MVNO).

Customers using the Equitel SIM card can manage their bank accounts from their mobile phones – sending money to any bank and any mobile network, paying for goods and services using EazzyPay, applying and receiving instant Eazzy Loan on their phones as well as making calls and buying data bundles.

Finserve innovated the digital banking capability of Equity Bank under the brand name Eazzy Banking. The suite of self-service digital tools has redefined mobile banking through the Eazzy Banking App which enables customers to perform over 60 functionalities. EazzyNet enables customers to do all their banking on the Internet while EazzyBiz is a cash and liquidity management tool for corporates. Eazzy Chama enables saving groups to manage their group funds online while Eazzy Save is an instant account opening capability.

Through versatile payment capabilities, Finserve enabled the Bank to integrate with all major global card associations including American Express, Mastercard, Visa, JCB, Dinners and Union Pay, becoming the single largest aggregator of card payments in the region. In addition, Equity Bank has become the leader in merchant banking and agency banking. Finserve has also integrated will global fintechs like Ali Pay and Wechat. By integrating with remittance partners across the world such as Wave, PayPal, Equity Direct, Western Union and Money Gram, the Bank has become the leading channel for diaspora remittances. Effectively, Finserve has become the fintech convergence point for players from both the East and West.

Most of these innovations have been rolled out beyond Kenya as plug-and-play solutions, by Equity Group subsidiaries in Uganda, Tanzania, Rwanda, South Sudan and DR Congo.

While launching Finserve, Equity Group CEO and Managing Director Dr. James Mwangi said that fintechs will play a critical role in deepening financial inclusion and democratizing financial service provision. “Finserve will now be an independent commercial fintech that will provide technology solutions. Thanks to fintech innovations by Finserve, 97% of all Equity transactions are now outside the branch. In the spirit of shared prosperity, and having seen the revolutionary impact that fintech capabilities have brought to the Bank, we have taken a deliberate strategy to make Finserve an independent commercial subsidiary that will focus its efforts in delivering solutions to propel the African economy. Equity Group now becomes one of Finserve’s clients for technology solutions.”

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