Equitel now accounts for one out of five shillings transacted through mobile money transfer services, according latest data from the Communications Authority (CA).
The latest quarterly statistics report from the CA shows that the value of transactions processed through Equitel stood at Ksh219.6 billion out of Ksh1.08 trillion that was transacted between July and September 2016, which translates to a 20 per cent market share.
The market share in the preceding quarter stood at 14 per cent or Ksh139 billion of Ksh957 billion that was transacted.
The value of transactions also increased by 59 per cent between July and September from Ksh139 billion to Ksh219.6 billion.
The number of Equitel subscribers now stands at 2.09 million.
CA’s latest quarterly report further shows that Equitel users carried out 63.9 million transactions in the said quarter up from 56.9 million transactions in the preceding quarter.
Equitel, which is Equity Group’s mobile money transfer service, is increasingly carrying out loan processing through the Eazzy Loan products which can advance up to Ksh3 million payable in 12 months.
Additionally Equitel is bullish on the mobile payment market with its EazzyPay platform which is interoperable, meaning it can accept merchant payments from all mobile money transfer services.