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Equitel profits soar to Kes308mn in Q1

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Equitel mobile money platform registered growths in transaction volumes, contributing to the growth in the Group’s non-funded income.

Equitel transaction income increased to Ksh308.8 million in the first quarter of 2017 from Ksh176.9 million that was recorded in a similar period a year earlier, translating to a 75 per cent increase over the period.

Revenues from the Equitel mobile money platform, EazzyPay service and a suite of other digital banking products contributed in increasing non-funded income to Ksh6.3 billion from Ksh5.1 billion, a 21 per cent increase over the period.

Equity Group Chief Executive Officer Dr. James Mwangi said that the Bank’s digital banking strategy is now paying off.

“These strategic initiatives have begun to bear fruit in a very strong way,” said Dr. Mwangi while releasing the first quarter results.

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Transactions processed through Equitel increased by 57 per cent to stand at 71.4 million from 45.6 million while the value of transactions increased by 89 per cent to Ksh118 billion from Ksh62.4 billion.

Overall the Group recorded a Ksh6.9 billion profit before tax in the first three months of the year, a 5 per cent drop from Ksh7.3 billion that was posted over a similar period in 2016.

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