Nairobi, 17th October 2019….Equitel has recorded a 16% growth in the number of mobile money commerce transactions, according to the latest data from the Communications Authority (CA). The MVNO saw its mobile money commerce transactions increase to 101 million as at the end of June 2019, up from 87 million in the same period last year.
At the same time, the value of mobile commerce transactions increased to Ksh378.9 billion, a 15 % increase from Ksh328 billion that was processed over the same period in 2018.
The operator’s continued growth in mobile commerce payments has been driven by the aggressive signing up of leading retailers and online merchants and an increase in the number of Equity Agents. Currently, Equity Bank has 20,185 merchants and 38,200 agents countrywide, offering e-commerce service to both customers and merchants at no cost.
“Our effort to digitize retail commerce operations through enrolling retail shops to transact through EazzyPay has paid off. The number of EazzyPay transactions has grown suggesting the size of transactions are increasing and the country is accepting the risk of digital money,” said Equity Group CEO and Managing Director Dr. James Mwangi.
Equitel processed over 156 million transactions as at the end of June 2019 valued at Kshs469.9 billion, compared to 140 million at the same period last year, valued at Ksh413.4 billion.
Equitel’s person-to-person transfers grew by 8% to Kshs126.5 billion up from Kshs117 billion, accounting for 16% of the total Kshs770.9 billion transferred in June 2019. Total deposits stood at Kshs81 billion in the same period, accounting for 12% of the overall Kshs669.3 billion deposited across all mobile payment platforms.
Noted Dr Mwangi, “Our customers are digitizing their money. Once the money is deposited on their mobile phones, they are not withdrawing but transacting with it on a digital platform and that to us is the best change we are seeing in the overall market.”
Overall, the number of active mobile money subscriptions in the country according to the CA report, stood at 32.5 million as at the end of June 2019, compared to 29.7 million as at June 2018 translating to a 10% increase, while the value of transactions increased by 11% per cent to stand at Kshs2.18 trillion from Kshs1.92 trillion.
Equitel’s subscription base as at June 2019 was 1.88 million, accounting for 3.6% of the market share.
Equitel, which was launched in July 2015, accounted for 22% or Kshs469.9 billion of the Kshs2.1 trillion that was transacted in mobile money as at the end of June 2019.
Equity Ngara Branch partnered with the Ministry of Interior and...View More
The year 2020 was like no other. COVID-19 struck at the beginning of the year and the East Africa...View More
Equity Bank Kenya (EBK) is delighted to announce its partnership with the Netherlands FMO...View More
The African Guarantee Fund (AGF) and Equity Group Holdings Plc have signed an agreement which will...View More
Equity Group Holdings Plc. has signed a US $100 million (Kshs 11 Billion) loan facility with Team...View More
Dubbed the ‘Clean Cooking Project’, the initiative aims at supporting learning...View More
Equity Group Holdings Plc has signed a Kshs 16.5 Billion loan facility with the European Investment...View More
Equity has been ranked as the 2nd topmost valuable brand in Kenya, according to Brand Finance, an...View More
Nairobi 25th November 2020… Equity has announced the appointment of Samuel Onyango as a...View More
For the third consecutive year, Equity has won the 2020 SME Bank of the year - Africa Award at the...View More
The second consignment of PPEs for public hospitals is valued at Ksh 125M with an additional...View More
Prof. Waema brings on board his extensive ICT experience that spans over 30 years in both private...View More
Equity, with a balance sheet size worth Kshs. 673.7 billion at the end of 2019, has been listed at...View More
The Kenya National Chamber of Commerce and Industry (KNCCI) and...View More
MSE Associations under MSEA will benefit from financial empowerment, advisory services and...View More
Equity Supports MSMEs With USD $100 Million Partnership with Proparco (Agence Française de...View More
Nairobi, Kenya: September 9, 2020 – Dr. James Mwangi, Group Managing Director and CEO of Equity...View More
92 Equity Leadership Program (ELP) Scholars Receive Admission to 43 Global UniversitiesView More
Equity Bank (Kenya) Ltd Board has appointed Ambassador Erastus Mwencha, as the Chairman, taking over...View More
The 0763 000 000 number will become the single line of contact from Equity to customers thus...View More
The Kenya Covid-19 Fund Board, in partnership with Equity Group Foundation (EGF) have completed...View More
Equity has signed a Memorandum of Understanding with Crown Healthcare to enable SMEs in the...View More
Nairobi, 28th July 2020… Equity has scooped three top awards at this year’s Euromoney Awards...View More
The loan, which will ultimately support hundreds of Kenyan businesses in the manufacturing,...View More
The Kenya COVID-19 Fund Board, in partnership with Kenya Association of Manufacturers (KAM)...View More
Frontline public healthcare staff dealing with COVID-19 patients will receive training on case...View More
Equity Group has triggered a Business Continuity Plan (BCP) to protect its customers, staff and...View More
Equity Group Foundation (EGF), with support from the Mastercard Foundation, today announced a...View More
Temporary Change of Business Operating HoursView More
As Equity, we continue to comply and take precautionary measures for our customers and staff...View More
Click below to read the Corona Virus Fact SheetView More
Now, more than ever, we invite you to make Banking something you do, not somewhere you go!View More
Replicates and scales the successful Wings to Fly scholarship model by targeting 18,000...View More
Equity Group has today commissioned the 2020 cohort of Wings to Fly scholars at a ceremony held...View More
Equity Bank Triple Win at International Banking Awards.View More
Fifty six Equity Leaders Program (ELP) scholars have been admitted to various top tier...View More
Equity Bank Kenya enters into partnership with AGCO through Local Dealer FMD East Africa.View More
Equity taps World Bank Expatriate as it gears up for Pan African expansion and accelerated...View More
Equity Bank Kenya, a subsidiary of Equity Group Holdings Plc today announced the appointment of...View More
Equity Bank Kenya and Toyota Kenya Limited have today signed a partnership agreement that will...View More
Equity Group Holdings PLC (NSE: EQTY) and Safaricom PLC (NSE: SCOM) have today announced plans to...View More
This year, Equity Group received nearly 20,000 applications from all counties across the country...View More
Thirteen Wings to Fly beneficiaries were among the students who scored straight A’s in the...View More
Christmas carols have been around for years and set the stage for celebrating the birth of...View More
Equity will deploy its banking infrastructure as well as the Equity Group Foundation platform to...View More
Investment groups, chamas and joint account holders can now withdraw cash from their Equity Bank...View More