The Equity Bank’s mobile money platform Equitel is now ready to extend operations beyond Kenya. In a press statement, the regional financial services provider Equity Group announced yesterday that it is set to introduce its mobile platform Equitel to all markets where the group operates, meaning in the yet to be disclosed date, Equitel will go live in Uganda, Tanzania, South Sudan, Rwanda and the Democratic Republic of Congo.
Speaking to Paris-based special report publisher Marcopolis, Equity Group Chief Executive Officer Dr. James Mwangi said that Equity through Finserve Africa, the group’s mobile virtual network operator (MVNO), is partnering with telecoms in Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo to roll out Equitel in these markets.
According to the Press statement, the mobile money platform by Equity Bank will ride on a network of a telecom operator in Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo, signifying that the approach Equity Bank took in Kenya will be replaced in the said countries. Equitel which was launched in July 2015 now has two million active subscribers. As at end of the first quarter of 2016 Equitel users transacted Kshs 62.5 billion while the value of mobile loans stood at Kshs 14.1 billion over the same period. Equitel users through the “Eazzy Loan” product can borrow up to Sh3 million repayable over a 12-month period.