In October last year, Equity Bank launched EazzyBanking, a suite of seven products meant to completely disrupt the banking industry. The bank also digitized all the products and launched the Eazzy Banking App, a downloadable app through which customers can access the services from internet enabled gadgets. In the words of the Equity CEO Dr. James Mwangi at launch, EazzyBanking was developed with the customer in mind, with an aim to make banking more of a lifestyle than a boring time consuming chore. We have used cash for thousands of years and Equity was unleashing inclusive cashless or at least cash-lite banking.
One among seven services under EazzyBanking is EazzyPay – a payment platform through which one can buy goods and services, or pay bills from the mobile phone. In less than a year since launch, EazzyPay has already registered 29,000 merchants around the country, and moved over Ksh2 Billion in the first 9 months after launch. The service is to be found in hotels, petrol stations like National Oil and Shell, supermarkets, Airlines like KQ and Jambo Jet and many other merchants and all one has to do is to look out for the EazzyPay sign. It is also available on the Government portal eCitizen.
What has contributed to the fast growth of EazzyPay?
First of all it is free to use for customers using EazzyApp or an Equitel line. That’s right. The service does not charge users when they make payment of goods and services. Secondly, one can transfer upto Kshs1M per day – quite a large threshold to cover even those doing big business on a daily basis. Third, it is inclusive in that users do not necessarily have to have smart phones to access the service. Feature phone owners can update their Equitel menu by by dialling *203# from their Equitel lines.
Then there is Cash Back. As users go about their business of paying for goods and services, they can also withdraw cash from the merchants. This is called Cash Back and is only available from the merchants who display the Cash Back sign and accept EazzyPay.
With unique features like the above, it is no surprise that a product like EazzyPay has experienced real fast growth.
Equity is not new to disruption. Not long ago, at a time when banks were feeling and acting superior to their customers and leaving millions unbanked because of that, Equity came along and completely changed the game. In what can arguably be called the biggest disruption in the banking industry in recent years, the bank leveled the playing field, removed just about every barrier there was to banking and banked the unbanked in their thousands. When other banks were only in a few privileged towns, Equity took banking to even smaller towns and deeper into the villages.
How to use EazzyPay
You can access EazzyPay either from the EazzyBanking App or from an Equitel line. Customers can also pay for goods at a merchants through the Mpesa or Airtel Money menu but here they can’t transfer cash. Visit this link for clear instructions on how to use each of these options.