Equity Group Holdings has officially launched its fintech subsidiary, Finserve to start operating as an autonomous commercial enterprise. The firm, which has been active for the last three years under Equity will now operate on its own.
Now the firm which has revolutionized the banking and financial sector with innovations such as Equity Bank’s Equitel, the Group’s Mobile Virtual Network Operator (MVNO) and the Eazzy app will not only deliver solutions to Equity Group but to the entire economy. This signals great things for the future, as it will be defined by disruptive innovation.
“Finserve will now be an independent commercial fintech that will provide technology solutions. Thanks to fintech innovations by Finserve, 97% of all Equity Bank 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,” said Dr. James Mwangi, Equity Group CEO and managing director.
Finserve contributed much to the growth of Equity Bank in terms of digitalization as it enabled the bank to integrate with all major global card associations including American Express, MasterCard, Visa, JCB, Dinners and Union Pay, becoming the single largest aggregator of card payments in the region. Additionally, it also helped the bank integrate with global fintechs like Ali Pay and WeChat as well as remittance partners across the world such as Wave, PayPal, Equity Direct, Western Union and Money Gram.
Finserve also unveiled two revolutionary fintech solutions, the Jenga Payment Gateway and Jenga APIs. According to Jack Ngare, Finserve managing director, the time at Equity Group helped the firm identify their weaknesses and turn them to strengths.
“We stand on the shoulders of the leading financial services provider in the region. Our vision is to power business ecosystems through innovation and collaboration that cut across geographical boundaries and sectors,” he said.
With the company becoming autonomous, Equity Group now becomes one of Finserve’s clients for technology solutions.