Equity

Equity Bank Gets Top Award for Pushing Highest Visa Card Volumes in 2018

PolyCarp Igathe, Managing Director, Equity Bank

PolyCarp Igathe, Managing Director, Equity Bank

For the second year running, Equity Bank has scooped the Visa Top Acquirer Award at the 2018 edition of the Visa Awards. The award was issued to the Bank for pushingthe highest Visa card volumes in 2018.

Over the last year, Equity Bank has made significant investments in its merchant acquiring infrastructure, which resulted in a 34% growth in the volumes being transacted by the Bank’s merchants, from Ksh. 40.3 billion in Q3 2017 to Ksh.54 billion, according to the Q3 2018 financial results.

Equity currently has 14,642 merchants with some of the most notable being Naivas, Tuskys, Oil Libya, Total Service Stations, the Intercontinental Hotel, Quickmart Supermarkets, Simba Corporation Limited, Kenya Airways, KWS, the Nairobi Hospital, Chandarana Supermarkets, Furniture Palace, Tamarind Hotel , Text Book Centre, among others. 

Commenting on the award, Equity Bank’s Managing Director, Polycarp Igathe noted that the award was a result of the Bank’s contribution to a cashless economy. 

“We are elated to receive the award, because it is evidence of our efforts towards the facilitation of cashless transactions, giving customers convenience and frictionless experience across the region by enhancing our card and payments processing services,” he said. 

In addition to Visa, Equity Bank acquires American Express, MasterCard, China Union Pay, JCB Diners Club and  & Discover.

Source: Equity Bank Kenya

WAY4 Becomes a Key to M-PESA Mobile Accounts in Kenya

Equity, the leading bank in Kenya, has migrated to OpenWay's WAY4 payment processing system. With WAY4, Equity can work as a payment switch and launch new services for retail customers, including acquiring EMV cards and interacting with M-Pesa mobile accounts. Participation in the M-Pesa project has secured the bank’s position in the promising micropayments market.

“The new system not only gives Equity a strong competitive advantage in cutting edge technology and card management, but allows speedy and efficient transaction process in real time, and in all currencies,” stated James Mwangi, CEO of Equity Bank.

The bank leverages WAY4 to work as a payment switch and optimise the financial interaction of its branches, offices and partner banks in the region. Furthermore, Equity ATMs countrywide allow M-Pesa users to withdraw cash from their mobile accounts.

The M-Pesa system allows mobile payments and transfers without the necessity of opening a bank account. These services are used by ten million people in Kenya, many of whom are unbanked. Thanks to participation in the M-Pesa project, Equity not only expands its business in new directions but also gets the opportunity to offer its retail banking products and services to a large potential customer base. 

Equity’s success confirms the advantages of the WAY4 processing platform as a powerful new generation switch, or, as it’s more often called today, a payment service hub.

«We are happy that WAY4 switch functionality helped Equity to transform possible competition into a strategic and profitable partnership. The experience OpenWay has gained from this project will benefit all our clients who set ambitious goals in the area of micropayments», adds Wim Pardon, Managing Director of OpenWay EMEA. 

Equity Bank

Equity Bank of Kenya (www.equitybank.co.ke) is the largest and fastest growing bank in Kenya, with 4.5 million client accounts that constitute more than 54% of all client accounts in the entire country. The bank also has branches in Uganda and South Sudan. Equity Bank has a reputation as an innovator in banking and financial services.

 

M-PESA

M-PESA is the first Kenyan commercial mobile payment and transfer system, created in March 2007 by Safaricom with the support of Vodafone. The system was created for people who don’t use bank services. This innovative project turned out to be in high demand on the African market. According to information as of March 2010, M-PESA has over 9.5 million subscribers, served by 17,500 agents

 

Equity moves to WAY4-based online card system

Equity Bank has fully migrated to the WAY4 card management system from OpenWay Group of Belgium that allows M-Pesa account holders to withdraw money from the bank’s 550 Automated Teller Machines countrywide.

Equity_migrates_to_WAY4.jpg

The WAY4 system, an online card management system, is designed for multi-institution and multi-currency transaction processing and with a capacity of 180,000 transactions per minute.

The system which received the highest rating from Gartner, which rates software in the world, also provides support for non-card transactions over multiple self-service channels.

The new system is set to increase efficiency in Equity Bank Point of Sales outlets and ATMs in the region, the company said in a statement.

Speaking during the signing of the partnership with OpenWay Group, Equity Bank CEO James Mwangi said the system has the capacity to host the combined network of Equity Bank branches, subsidiaries and other banks at reduced costs. 

“The system not only gives Equity a niche in terms of competitiveness in cutting edge technology and card management, but allows speedy and efficient transaction process in real time, and for all currencies,” Mr Mwangi said. He said Equity was among the first banks in the region that are able to handle regional inter-switching connectivity. 

He added that the new switch system would come in handy with the recently launched partnership between Equity Bank and Safaricom that allows M-Pesa account holders to withdraw money from the bank’s 550 Automated Teller Machines countrywide.

Published in the Daily Nation magazine.

Equity Bank

Equity Bank of Kenya (www.equitybank.co.ke) is the largest and fastest growing bank in Kenya, with 4.5 million client accounts that constitute more than 54% of all client accounts in the entire country. The bank also has branches in Uganda and South Sudan. Equity Bank has a reputation as an innovator in banking and financial services.

 

M-PESA

M-PESA is the first Kenyan commercial mobile payment and transfer system, created in March 2007 by Safaricom with the support of Vodafone. The system was created for people who don’t use bank services. This innovative project turned out to be in high demand on the African market. According to information as of March 2010, M-PESA has over 9.5 million subscribers, served by 17,500 agents.