Equitel mobile banking platform hits the market

NAIROBI, KENYA: The dominance of telecoms giant Safaricom Limited in the mobile money transfer business is set to face the first credible threat.

This is in the form of Equitel, a direct interface between a customer’s bank account and the mobile phone-the first such innovation introduced by Equity Bank Group and mobile operator-Airtel Kenya.

The new mobile and banking platform, will offer Equity Bank customers a free service while transferring cash between their bank account and the mobile phone and vice versa, riding on a Thin Sim Technology that will be ideal for those subscribers with mobile phones that are not dual SIM.

“Equitel will not hold any cash but allow subscribers to access their bank account. We are unique in the sense that we have eliminated the need for cash handling because subscribers will not be depositing cash with Equitel agents. All mobile phones fitted with the Thin SIM will be able to do internet banking, essentially taking a rich man’s product to the lower-income segments of the population,” said Dr James Mwangi, Equity Bank Group Chief Executive Officer.