Equity mobile cash platform cuts Safaricom market share
Equity Bank’s mobile banking platform accounted for over a fifth of mobile money transfers in the latest sector statistics by the Communication Authority of Kenya.
Equitel, launched in August 2014, recorded an increase in the second quarter of 2016/2017 to Sh251.6 billion worth of transactions up from Sh45.4 billion during a similar quarter last year (2015/2016). This increased the percentage share of transactions to 22 per cent, up from five per cent during the same period in the previous quarter.
Since it went live in 2015, Equitel has become the second largest mobile money service in Kenya in terms of transaction values.