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Kenya’s largest mobile money platform through Equity Bank has set up a plan to replicate it is success to other East African countries which are Rwanda, South Sudan, Tanzania, Uganda and Democratic Republic of Congo (DRC.
The company, Equitel, which was launched in July 2015, has grown to cover about 2 million users in Kenya alone. In addition to this, they have started given users on Equitel loans to buy major platform. Talking about company who wants to retain users and win in both side. You will be talking about Equity bank.
The loan which must be repaid in a year is just for the bank’s customers have good access to internet and to enhance their productivity with the helps of the smartphones
According to the latest quarterly statistics from the Communications Authority of Kenya, transactions worth KES 44.7 million (US$442,000) were processed through Equitel, up from KES 42.7 million (US$420,000) in its first three months of 2015. The overall figure at the end of the first quarter of 2016, Equitel subscribers had transacted KES 62.5 billion (US$600 million) while the value of loans stood at KES 14.1Billion (US$130 million) over the same period.
Equitel is a mobile platform where Equity bank customers can access both banking and telecom services from voice, data and SMS. The banking services include sending, receiving and withdrawing money using your phone, receiving diaspora remittances directly to your account and accessing them on a mobile phone, loans, insurance, investments, internet banking and cross border money transfer services.
The firm is in talks to partner with Telcos in Uganda, Rwanda, South Sudan, and Democratic Republic of Congo to roll out Equitel in those markets.
With mobile phones becoming a delivery terminal of choice within the region, it has become a necessity for businesses to tap into the diversity mobile has to offer.