Kenya’s leading bank Equity is set to kick-off its mobile telecoms service in the next two months in which it will mirror all its banking services into the mobile phone. This will mean serious business; applying for loans, transaction of money to and from bank accounts, pay bills as well as carry out trans-boarder transactions from the customers’ phone.
Every SIM card will be a debit card enabling customers to pay for goods by tapping their phones on a mobile point of sale terminal with money transfers charged at one per cent of the transaction value compared to the prevailing market charges of 16 per cent. Not sure whether this is an enough package to lure a load of subscribers from other communication firms, what Equity has to offer is definitely a great package if all we care is convenience.
With a combination of Voice, Data and SMS just like other telcos, Equity is set to partner Airtel in this to spread its new service in the country, being a telco which has many a times been named as fastest growing in terms of reach.
Equity knows the way to core competition since major rival Safaricom offers almost all services they are about to roll out, only that they are cheaper. Airtel will as well have access to distribute services through Equity Bank’s branch and agency banking network.
The bank has already put in place a 300 seat customer contact centre fully integrated with voice and social media operational 24/7 not to forget the earlier hinted voice call charges expected to be lower than what today’s subscriber parts with for calls a minute. If all this is to be sustained, does it mean “a wake up call” for safaricom?