The trend has brought to an end the assumption that banks were meant for the upper classes in society. A service that is a first for Kenya and a first for Africa.
The study made use of an interview guide to collect primary data from five respondents. Equity MVNO will simply mirror all its banking services into the mobile phone. They will receive international remittances onto their accounts and access through their mobile phone numbers, Equity Agents, ATMs or branches.
The process of banking for the unbanked in Africa had seen millions of people previously considered being un-credit worth operate accounts with banks and not micro finance institutions.
Reasons given by organizations that do not undertake strategic planning include: The diversity of credit ranging from small businesses, jua-kali sector, low-income groups, down to financing of farmers was a new move in as far as banking was concerned.
In the first half of the yearProfit before Tax increased to Kshs. A seat customer contact center fully integrated with voice and social media is now operational 24 hours 7 days a week and staff have undergone intense training on effective customer service and experience.
The company stated that the MVNO services will run on the excess capacity on its network, ensuring that it maintains seamless quality experience to its consumers. Data was analyzed through content analysis, a technique that makes use of codes to draw out connections between words and tries to explain the possible meanings of the words in context.
For example, was it really an economic meltdown or was it a paradigm shift of economic development to the African continent? We believe that the entry of the MVNOs into the market will stimulate and sustain overall market growth through a new range of innovative products and service propositions that will give more choice and value to Kenyans.
The inclusion of low income earners in the banks has been seen as the main stimulant to the rapid expansion of banks in Kenya like Equity Bank Ltd. Equity Bank staff will begin trialing the MVNO service today as the final round of testing before the service goes live to the public in July This was in spite of the much proclaimed economic crunch that hit most western banking and other financial institutions.
The move had forced other leading banks to rethink their stance and develop products and services for the lower market in order to keep up with the competition.
With the new MVNO service, Equity bank will provide the most secure banking platform delivered via the mobile phone. Equity Bank has taken the strategic direction of bringing full mobility to banking - all the while simplifying the payments and transaction process — enabling greater inclusion for all Kenyans.
Equity Bank Kenya Limited is a publicly listed commercial bank in Kenya and is the largest bank in the East African region in terms of customer base. In addition, the recently rolled out integrated and robust IT platform and Tier 4 data centre provide comprehensive business functionality, immense transactional power and capability, high availability and reliability and supports enhanced customer experience.
These lower costs will be passed onto Equity Bank members via innovative, affordable, next generation products and services.
The average rate of growth per year in profitability between the year and had been The account opening process has been dignified and simplified as one can now open an Equity Bank account on their phone irrespective of their mobile telco operator.
The bank has invested heavily in time, infrastructure and resources to prepare for this service offering. Two main findings emerged.
First, there was evidence to suggest that the bank made use of strategic planning. They are able to make more informed decisions that anticipate both short-term and long-term consequences, and also demonstrate significant improvement in sales, profitability and productivity.
Pricing strategies will reduce the middlemen layers of fee associated with mobile money transactions — saving money for individual Kenyans and the Kenyan economy as a whole.
In so doing there was emergence of new joint ventures, partnerships, mergers, acquisitions and other market entry strategies being put into play by banks as the scramble for customers continued.
The second stage involves implementation of the action plan, and the third stage involves monitoring to identify successes or failures. The system is now fully enabled for enhanced payment processing and expanded acquisition strategies including mobile transactions. All our customers will receive their sim cards ready for use as soon as we roll out.
In so doing, the rate at which financial assistance has hit the market in the country has brought about a business boom never experienced in the region before. Strategic planning is a process that involves three stages. The impetus for the growth and strategies used in this expansion has left many questions unanswered.
Profitability is the state or condition of yielding a gain and is the primary goal of all business ventures. The system is capable of supporting more than one million transactions per second concurrently from cards and mobile transactions and core banking transactions.
This new market was what had brought the move to new territories by banks in the region. By linking the account to the mobile phone, customers can apply for loans, move money into and from their bank accounts and pay bills.Equity Bank has taken the strategic direction of bringing full mobility to banking - all the while simplifying the payments and transaction process – enabling greater inclusion for all Kenyans.
With the new MVNO service, Equity bank will provide the most secure banking platform delivered via the mobile phone. The Equity Bank case study is relevant to people studying the following topics: Business in Kenya, bank pricing, marketing, micro-finance, bank business model, and strategy.
Keywords: Equity Bank Kenya, Business innovation, business growth in Kenya, bank pricing, strategic marketing, micro-finance, bank business model, corporate strategy. strategies used by equity bank limited kenya in international expansion The past five years have seen rapid growth in the operations of banks in Kenya especially in.
The purpose of this paper is to examine how the culture of strategic planning has made Equity bank to remain at the top of microfinance banking in Kenya, Africa and the world. Equity Bank strategic planning practice has a positive correlation with performance where a proper plan is in place (Muriuki, ).
In the study, all banks were. Equity Bank Of Kenya Strategic Plan Name Professor Course Date due Equity Bank Group Equity bank group is a financial institution based in Kenya, East Africa, offering a variety of financial servicesThis company was founded in as a minor institution, specializing in mortgage financing, which targeted the low income earners.
Our History Equity Bank Limited (The “Bank”) is incorporated, registered under the Kenyan companies Act cap and domiciled in Kenya.
The address of the Bank’s registered office is 9th Floor, Equity Centre, P.O. Box – Nairobi.Download