Equity Group CEO Dr. James Mwangi has said that his organisation is now ready to release its APIs for further development of innovations in Agency banking, Merchant banking and Mobile banking.
He revelaed this while meeting Journalists at the Equity Centre Boardroom in Nairobi's Upper Hill shortly after announcing the banks 20 percent after-tax growth for the period ended March 31st, 2016.
According to Dr. Mwangi, developers will take the APIs for free and will not be charged any money for doing business with the APIs until they hit the KES100million mark and even then, they will only be required to remit only 5 percent of the revenue generated. He said the details of the APIs can be accessed from the bank's IT section.
The regional services provider said its Group profits had been delivered by a growth of 22 percent in loan book and 28 percent growth in government securities. Its net loans grew from KES225billion to KES275billion while government securities grew from KES49billion to KES62billion. Its balance sheet and total funding grew by 16 percent from KES373billion to KES430billion.
During the presentation of the results, it was announced that the group maintained efficient operations. Its other operating costs reportedly grew 8 percent as a result of successful deployment of variable costs third-party delivery channels of Agency banking, Merchant banking and Mobile banking.
It was noted that the cost income ratio of Equity Bank Kenya which is leading in digitization reducing from 48 percent to 43 percent while the Group cost income ratio reduced from 51 percent to 49 percent in the period being reported.
The bank is currently boasting of having very diverse services for its customers most of which enabled by digitsation.