Equity Group Holdings has unveiled its fintech subsidiary, Finserve, that will operate as an autonomous commercial enterprise providing solutions.
Equity Group CEO and Managing Director Dr James Mwangi said that fintech will play a critical role in deepening financial inclusion and democratizing financial service provision.
“Thanks to Finserve, 97 percent of all Equity transactions are now outside the branch. In the spirit of shared prosperity, and having seen the revolutionary impact that fintech capabilities have brought to the Bank, we have taken a deliberate strategy to make Finserve an independent commercial subsidiary that will focus its efforts in delivering solutions to propel the African economy. Equity Group now becomes one of Finserve’s clients for technology solutions,” said Mwangi.
Finserve has integrated will global fintechs like Ali Pay and Wechat.
By integrating with remittance partners across the world such as Wave, PayPal, Equity Direct, Western Union, and Money Gram, the Bank has become the leading channel for diaspora remittances.
Effectively, Finserve has become the fintech convergence point for players from both the East and West.
“We now control 60 percent market share in merchant banking and payments because our universal POS converges mobile wallets, cards and digital payments meaning that merchants require only one POS. We have also experienced rapid growth in diaspora banking, where we are now leading in diaspora remittances and in agency banking,” Mwangi added.
Finserve Managing Director, Jack Ngare said that fintech will be the driver of financial solutions in the future as it makes financial services delivery better, cost-effective, safer and more secure.
“As a subsidiary of Equity Group, our capabilities have been tried and tested through the innovations and digitization we have delivered for the Group. Our vision is to power business ecosystems through innovation and collaboration that cut across geographical boundaries and sectors,” said Ngare.