As a businessman, I am always on the lookout for solutions that will make my business operations more efficient and more effective. I was cautiously optimistic to find out what new banking solutions were on offer from Equity Bank on their recent launch of EazzyBanking.
I decided to check out the new banking product to see whether it would be a good fit for businesses.
So here we go.
This product has made it possible for customers to be able to make payment towards goods and services using EazzyApp or Equitel Line. It has a good coverage across the country and customers are to lookout for ‘EazzyPay Accepted Here’ signage to know where EazzyPay is available.
With EazzyApp, I decided to see what this app is all about. I was able to easily locate it and install it on Google Play Store (it is also available on the App Store). Once you open the app, you will see four categories that you will need to select one;
- First option is for customers who already have Equitel mobile number and m-banking PIN.
- Second option is for existing customers who already have their Debit card number & Card PIN
- Third option is for Equity Bank Hapo Hapo account holder(s)
- Last option is for new customer who do not have an Equity Bank Account (this option is for someone like me).
I selected the last option since I had not banked with Equity Bank before. The EazzyApp requested for my legal name, national ID number and my mobile number and once I submitted them, an equity bank account was created immediately and I received a text message shortly indicating my new bank account number. That’s an experience I have not felt before and I was amazed how fast it was done without the need for me to got to bank to fill endless paperwork.
Cyber threat is ever so real in this 21st century. It counts as one of the biggest challenge that online and mobile banking faces. Equity seems to have invested heavily on security infrastructure to give their customers peace of mind while making transactions via the Eazzyapp platform.
The norm was an archaic process involving sometimes drawing a map to the prospective borrower’s house and taking pictures of assets so that a Loan officer can use this information to approve a loan of as little as Ksh. 5,000. This norm will surely be disrupted under the new offering of EazzyLoan by Equity Bank. No longer is a guarantor required, instead they use your credit record (your history of deposits and withdrawals) to judge credit worthiness. More importantly, they can make this decision to lend you money in seconds and via your phone as they are working in partnership with Experian, a giant and leader in the credit score market.
As a businessman who likes to be in control, I like that the system allows one to check their loan balance at any time and make repayments through the easy app. Equity hopes to make such lending decisions for up to Ksh. 3 million. I wait, with great hope, to see whether more of my fellow startups and small business owners will be able to access the finance they need to grow their businesses.
I have been part of a number of investment groups all with the core aim of raising funds to invest in a project. This makes monitoring financial contributions a critical and important operation for the well-being of the investment group. It is the lack of clarity, transparency and accountability which sees many investment groups, chamas and joint accounts fail. In comes EazzyChama with the solution. It allows account holders to follow each contribution and subsequent transaction done by the members of the investment group or chama.
EazzyChama offers record keeping function, giving each member confidence in the chama and also enabling cohesion in the investment group. Such an investment group or chama would then be able to focus back on its key function of raising contributions and making/growing their investment portfolio.
One imagines this facility will reduce mismanagement of funds while at the same time giving each member a sense of empowerment in overseeing their contributions and keeping each other in check.
In a previous article, I had written about the progress that PayPal and Equity Bank had made where they had reduced the length of electronic funds transfer time between this two entities from eight to three days. This was good news for business that sells goods and services online who tend to get paid via PayPal in foreign currency.
EazzyNet is the platform that continues to support this efficient fund transfer, while providing hassle free and easy to use online banking experience. I say hassle free as Equity Bank has gone all out to partner with the premier global organisations in financial technology sector to ensure both an efficient and effective system and one with the highest levels of security for your money and information.
As the Kenyan economy becomes more and more outward looking, more and more businesses are finding themselves dealing with multiple currencies and earnings perhaps from different countries. They will find EazzyBiz an indispensable tool for their record keeping as it enables the owners of the companies to analysis and evaluate their financial accounts, liquidity and cash flow across multiple currencies and locations. To have this level of data and analysis at the fingertips of managers means they can make real-time decisions to take advantage of market conditions as they happen.
With a growing number of internet users in Kenya, the e-commerce frontier is truly ripe for exploitation. However a lack of appropriate platform and technology has hindered this exploitation by businesses who would want to enter the e-commerce marketplace.
Having owned a number of online businesses, I was happy at Equity’s offering of EazzyAPI. Simply put, my online businesses will be able to offer a payment platform for Equity Bank customers to make payment for the services that we offer. This will truly make a difference to many other online businesses owned by SME and also corporate.
EazzyAPI provides integration such that an Ecommerce website can communicate with the bank, and the bank can release funds to the business account when a customer with equity account enters the relevant payment details on the ecommerce website to pay for a purchase. This is a massive and important step in the right direction if Kenya is to compete and not get left behind in this ecommerce generation.
Mobile Banking Apps is not something new, other banks have tried that technology. Having said that, EazzyBanking is more than just a mobile app and making anything that outstanding in business is usually hard work. I think Equity Bank has made something that is going to revolutionize the customer banking experience in Kenya and Africa at large.