Kenya’s second largest bank, Equity Group Holdings is developing its tech division into a separate commercial entity.
Dubbed Finserve, the startup was more of an inspiration for the digital and mobile banking innovations at the bank over the past years.
Equity Group CEO and managing director James Mwangi says: “Thanks to fintech innovations by Finserve, 97% 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.”
Finserve MD Jack Ngare, says: “You can now use over 64 fintech, regtech and insuretech APIs to power your business. Currently, Finserve reaches 4 million people daily through its APIs, working with 136 developers and SMEs.”