Tag: Equity

Battle for the mobile money market share, Kenya’s Equity Bank launches Equitel to compete with Mpesa

Battle for the mobile money market share, Kenya’s Equity Bank launches Equitel to compete with Mpesa

Business, Mobile
Equity Bank has acquired a licence to operate a mobile-phone service in conjunction with Airtel, Equitel. Equity Bank is another Kenyan success story, revolutionised local finance in the past decade by slashing fees and helping to bring the poor into the banking sector; the number of accounts rose from around 2.5m in 2005 to more than 20m in 2013 (in a population of 44m). On July 15th their joint venture, Equitel, will launch a service that uses “thin SIMs”, plastic sheets embedded with microchips that slip over the top of a standard SIM card and let the user switch between operators easily. This makes it more likely they will try, and perhaps eventually migrate to, Safaricom’s new rival. Equitel is aiming for 5m users by the end of the year, compared with Safaricom’s 23m. Safaricom is