Equity set to offer free money transfer services

Thursday, October 16, 2014

Equity Bank will not charge for mobile money transfer services on mobile virtual network, it said yesterday, but subscribers also have to hold accounts with the lender.

Managing director James Mwangi said Finserve Africa – its MVNO subsidiary – will roll out mobile phone services “soon”, converged with banking via the thin SIM card.

He said Equity will absorb the transaction fee for mobile money transfer, making a U-turn from his earlier statements that the bank will charge “a fraction” of what other operators are currently charging.

Source: The Star, Kenya (link opens in a new window)

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banking, Base of the Pyramid, financial inclusion, financial services, mobile money