Kenya

Mobile bank: Equity Bank targets 5 million users in 2015

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According to James Mwangi, the CEO of Equity Group, Equitel, the virtual telephone company of the group, specialized in the mobile money, will have 5 million users before June 2015. It is the challenge settled by the company declares to have already registered 450 000 costumers. Equity Group is confident regarding the lifting by the justice of the temporary ban that blocks the official launching of its money transfer service of by mobile.

The judicial decision to forbid or to allow Equitel to launch its mobile money service with the very controversial special SIM card is expected on 22nd January 2015. If it is proved true, as Safaricom and several other parties in their complaint underlined it, that the special SIM card used by Equitel present several security risks for the telecom subscribers, the MVNO will have to postpone its project of joining the segment of the mobile money in Kenya, dominated by Safaricom.

James Mwangi, the CEO of Equity Group, seems not at all to envisage this scenario. He stays positive and declares to the populations that the company has already proceeded to the test of the service. He promises that his mobile money service is going to initiate free mobile money transfers and will so really offer banking services accessible for all.

 

Original text by: Agence Ecofin 

 

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