Serving the Mombasa road area with a bouquet of innovative financial services
Mombasa Road and its environs has become a hotbed of manufacturing, transport, real estate development and hospitality, giving financial institutions an opportunity to offer financial and business development services to these crucial sectors of our economy.
The area is the main connection between the port of Mombasa and the key areas of economic activity in Kenya.
Many industries and businesses have set up shop along Mombasa Road and in order to assist them scale up their operations, Equity Bank opened various branches, which are strategically located in Athi River-EPZ which hosts many Export Processing Zone factories – Syokimau Gateway Mall, which is in the heart of the growing suburban area – Mombasa Road branch and JKIA Branch – which serve the aviation industry players as well as businesses in the area.
JKIA
At JKIA, the Bank also has a sub-branch and an ATM at Terminal 1A.
It is the first contact point for passengers coming into the country due to its strategic location. To better serve clients who are based at JKIA, those who want to do last minute banking before they fly out or those who are looking to convert their foreign currency to local currency, it operates from 7 am to 11 pm every day of the week including Sunday."
The digital age is disrupting banking. Customers are always looking for value and a delightful experience from their financial institutions and that is why the Bank is constantly embedding itself in the customer’s journey as well as utilising digitization to interact with them.
Mobile banking
Customers want to be able to access banking services via mobile channels at a time that suits them, not just work hours i.e. 8am-4pm.
They also want the services to be easy, real time and get value for money.
From the data gained about how customers consume financial products and services Equity Bank has been able to customise products and services to match different customer preferences.
The needs of SMEs are constantly shaping banks’ business portfolios.
In the increasingly fast paced world of business, more and more businesspeople are looking to be served in their areas of operation or residence.
These needs presented a business opportunity in the expansive and fast-growing Mombasa Road area, of opening agent banking locations.
Agent banking
Equity Bank has accredited more than 100 small businesses to operate as Equity Agents. The agents make it easy for residents to access banking services and in turn, the agents earn a comfortable income that supplements their daily needs.
It has been said that every small business on average creates employment for approximately 10 people and for every job created, there is a multiplier effect as the money spent from their income further stimulates economic activity in the local community.
A notable agent in the area is Delphin Kitonga, whose business has been performing well and has created employment opportunities for youth in the area.
“On a monthly basis, my agent shop serves an average of 3,000 customers earning me some good commission that meets my basic needs after taking care of my overheads and I am still able to save for investing,” she said.
In recent times, businesses are demanding more personalised attention from their financial institutions.
Relationship centres
It is because of this that Equity Bank has ensured that its branches are more of relationship centres for their clients offering advisory services for retailers and business clients.
Clients are assigned relationship managers who can be contacted at any time to service the client without them necessarily visiting the branch.
Large corporates and SMEs are increasingly automating their operations and there are many bank products that accord them the same.
One of the most popular banking products with SMEs and Corporates is EazzyBiz. This is a robust, secure and comprehensive cash and liquidity management solution that incorporates payments, collections and receivables and liquidity management modules to cater for cash management requirements of corporate and SME clients.
Seamlessly integrated, it gives them a global view of their cash position, enables them to make payments, manage their cash flow and balances across multiple currencies and locations.
Grow businesses
The product streamlines the financial operations of clients’ businesses while allowing them to concentrate on their core focus of growing their businesses.
It is through such products that the bank has been supporting local entrepreneurs in the area such as Next Level Mavericks who have grown with Equity Bank from a small outfit to now running a medium-sized enterprise, which is supporting the local economy through creation of jobs for area youth.
Apart from its business operations, there has been support to the local community through various CSR programmes beyond the well-known Wings to Fly programme in partnership with residents, local authorities and business community.
Environment
A case in point is a project where the Syokimau-Gateway Mall branch has been supporting events hosted by Syokimau Residence Association (SRA) and participating in the environmental activities such as tree planting exercises in Athi River.
For Mombasa Road and its environs, the future is bright.
An area like Syokimau is attracting both homeowners and developers and the demand for housing is on the rise due its proximity to Jomo Kenyatta International Airport (JKIA), access to Mombasa Road and the train network.
