Digital banking in East Africa is no longer about moving branch services onto mobile phones. More than 90% of retail transactions at Kenya’s tier-1 lenders now happen outside branches, leaving physical outlets largely as a backstop. Even with KES 2.16 trillion ($16.7 billion) in assets and KES 75.5 billion ($580 million) in annual net earnings, the region’s biggest banks face bigger changes in how customers move and manage money.
Equity Bank is responding with EMMA, a wallet launched by its fintech arm, Finserve Africa. Customers can access it through an Android app, USSD, or the Equitel SIM toolkit. At first glance, it looks like another version of the services Equity already offers.
Equity already operates its flagship Equity Mobile banking application, runs an established mobile virtual network operator, Equitel, manages thousands of agency outlets, and handles substantial transaction volumes through its biller code.
EMMA is less about replacing the bank’s existing services than about where customers transact each day. Banks still hold most deposits, but mobile operators and fintechs are taking a larger share of everyday payments.
Originally published by TechCabal.