Equity Bank Rolls out digital banking in Tanzania

Equity Bank has officially rolled out their suite of new digital banking solutions dubbed “Eazzy Banking” to all its subsidiaries after a successful launch in Tanzania yesterday evening.

The banking solutions will offer all Equity customers flexibility to transact be it day or night, access banking services from the comfort of their homes or offices, saving them time and costs across the Group. Customers will enjoy more convenience, control, and the freedom to choose how they would like to conduct their banking transactions.

The Eazzy Banking suite of products consists of EazzyBanking App, a global financial app that directly integrates with telco SIM services allowing customers to send money and even make payments using their mobile phones anywhere, anytime.

Downloadable on Android and soon, iOS devices; the EazzyBanking App is easy to activate and provides a host of unique key service offerings ranging from sending money to bank accounts or mobile wallets, applying, and paying off loans, paying bills and much more.

The suite also includes an online retail internet portal where customers can manage their bank accounts known as EazzyNet; an interoperable payment platform known as EazzyPay which allows one to pay for bills. One can also buy and pay for goods and services at registered merchant outlets like supermarkets and hotels whenever they see ‘EazzyPay Accepted Here’ sticker; a mobile-based loan product known as EazzyLoan; as well as a cash and liquidity management solution for SMEs, Corporates and large organizations or institutions known as EazzyBiz.

In addition, there is EazzyChama or Eazzykikundi in Tanzania, a solution to assist SACCOs, VIKOBA, welfare clubs, investment clubs and groups manage their joint finances, investments and book keeping.

Speaking during the launch, Mr Joseph Iha, the Managing Director of Equity Bank Tanzania, said Eazzy Banking products promise to give customers, a comprehensive, stress free and secure banking experience.

The Managing Director added that the launch of this innovative suite of products led by the flagship solution, EazzyBanking App, marked furtherance of the bank’s strategic approach of availing digital convenience to customers as informed by their changing needs and tastes.

“This has been informed by consumers banking trends, which are showing a pattern of favouring self-service channels to enable them bank anywhere, at any time. All the customer has to do is to simply download the EazzyBanking App and experience convenience in banking. He added: “With the EazzyBanking App, the customer will also be able to request for a loan named EazzyLoan and within a few seconds receive the funds on their mobile phone. EazzyBanking App is a solution to assist the customer live a stress free life where transactions will be done instantly, in real time.”

The launch of the EazzyBanking suite of products comes at a time that the Bank of Tanzania has restated the critical value of digital finance products in enhancing financial services and positive economic multiplier effects.

In addition, on the regional front, the launch comes hot on the heels of similar launches in Equity Bank Uganda, Rwanda and Kenya as the Bank seeks to be the lead in terms of digital adoption for the banking sector in East and Central Africa.

According to Bank of Tanzania’s annual report 2016/17, despite a slow growth of monetary aggregates on economic activities, there was a rise in the value of money in circulation which was attributable to use of digital finance services by Tanzanians during the period under review.

According to the regulator, the number of active accounts in the digital finance services reached 17.5 million, with more than 300,000 agents.