Equitel has grown to become Kenya’s second biggest mover of mobile money as the platform now accounts for 14 per cent of all mobile money transactions. This has been achieved slightly over a year since its launch in July 2015.
Data from the Communications Authority (CA) for the three months to June shows that a total of Sh138.5 billion was transacted through Equitel against a total of Sh957 billion that passed through all the six mobile money transfer service providers.
The data further revealed that Equitel recorded total voice traffic of 47.4 million minutes during the quarter up from 39.4 million minutes posted during the previous period.
This trend is expected to be sustained as a result of Equity Bank’s digital banking strategy that aims at increasing the bouquet of banking services that can be delivered through the mobile and online platforms.
Equity Bank recently launched EazzyBanking, a range of digital products, which are channel agonistic, driven by a versatile technology and capability platform.
“Customers’ banking trends have declared the death of the bank branch as transaction channel, as they increasingly embrace self-service technology platforms that give them freedom, choice and control,” said Dr. James Mwangi while launching the EazzyBanking suite of digital products.
Equitel, operated by Finserve Africa — Equity Bank’s mobile virtual network operator (MVNO) — combines both banking and telecoms services including voice, data and SMS on a single SIM card. Currently, Equitel has over 2.3 Million customers. All SIM Cards (Normal, Micro, Nano and Thin SIM) are issued for FREE across all Equity Bank branches and selected Equity Agents.