Equity’s diaspora remittances hit Sh107Bn driven by fintech

Equity’s diaspora remittances hit Sh107Bn driven by fintech

May 22, 2019 0 By mykenyancareers
JAMES MWANGI EQUITY JAN 201 - Equity’s diaspora remittances hit Sh107Bn driven by fintech
Mwangi said that Equity continues to invest in solutions through innovations and strategic partnerships with global money remittance outlets targeting Kenyans living and working abroad/FILE

NAIROBI, Kenya, Apr 12 – Equity Group diaspora transaction volumes grew by 196 per cent to Sh107 Billion while the commissions recorded a 169 per cent rise from Sh279 million in 2017 to Sh751 million same period last year.

Speaking during the release of the 2018 full year results, Equity Group CEO James Mwangi noted that, remittances have taken a significant market share projecting it will surpass Sh200 billion this year largely due to fintech capabilities.

He said that Equity continues to invest in solutions through innovations and strategic partnerships with global money remittance outlets targeting Kenyans living and working abroad.

“The Diaspora business segment offer a wide range of services tailored to suit the banking needs for money transfers, payments and investments. ”

According to CBK data, total cash inflows from foreign countries increased by 39 percent to Sh274.37 billion in relation to Sh198.07 billion in 2017. June recorded the highest diaspora remittances with US leading followed by Europe and the rest of the world inflow earnings.

In 2018, Equity Group profits grew to Sh28.5 billion; a profit growth of 6 per cent and a 13 per cent growth in customer deposit.

Customer base grew to 13.5 million clients and customer deposits grew at 13 per cent to reach Sh422.8 billion up from Sh373.1 billion driving the growth of the balance sheet to reach Sh573.4 billion up from Sh524.5 billion the previous year.