Home Tech Equity Bank’s Equitel Mobile hits 420,000 subscribers with over 5.5 million transactions

Equity Bank’s Equitel Mobile hits 420,000 subscribers with over 5.5 million transactions

by Sam Wakoba

equityEquity Group’s Equitel Mobile is set to grow according to today’s investor briefing by the Group’s CEO Dr. James Mwangi who said he was optimistic that the new Equitel mobile channel will be equally popular as it was seeing rapid uptake in Kenya with over  420,000 subscribers who effected over 5.5 Million transactions in December alone.

Showing early positive signs that the service will be huge.In November, Equitel Mobile decided to use normal SIM Cards for its mobile money after fears that the thin-SIM technology the firm wanted to use was not safe for mobile money transactions. The Central Bank and the Communications Authority had given it a go-ahead to roll out the service. Equity Bank had planned to launch five million ultra-SIM cards.

With about 300,000 customers on the ordinary Equitel SIM cards last year November, Equitel Mobile’s growth is steady, especially as the firm decided to keep mum about the service and do it internally.

“Time seems to be fast approaching when banks may not necessarily continue to exist as they are constituted today even though banking services will undoubtedly continue to be required.” said Dr. Mwangi. “Equity Group’s innovations are informed by this reality and are geared towards supporting banking becoming something you do, as opposed to somewhere you go to transact. Our members are increasingly gaining more freedom, choice and control” added Dr. Mwangi.

Equity Group today announced a 29% growth in Profit after Tax for the year ended December 2014 financial results

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