SPECIAL EDITION: Why Equity Bank Introduced Equitel to the Banking Industry

Equity Group Holdings MD and CEO - Dr James Mwangi, Finserve Africa Ltd Chairman - Eng John Waweru, Equity Group Holdings Chief Officer – Finance, Innovation and Payments – John Staley and Airtel Africa CEO – Christian De Faria unveil the Equitel logo during the launch of the mobile banking platform. PHOTO COURTESY OF cio.co.ke

Equity Bank Group newest mobile payment and banking platform, Equitel is set to bring to the fore the convergence between mobile and banking services in Kenya.

The bank has hailed its newest innovation as the answer to promoting greater access to banking services which currently stand at 53percent of the Kenyan population.

EQUITEL SIM

EQUITEL SIM

“The unveiling of this new platform is part of our 30 year journey of promoting financial inclusion. Our aim is to raise the number of Kenyans with access to banking services to 90percent and above in the first phase,” said Dr. James Mwangi, Equity Bank Group CEO.

In addition, Mwangi has stated that the new platform eliminates the need for mobile applications in accessing internet banking as even a simple feature phone will work in a similar manner like a sophisticated smart phone further demystifying financial services.

Equitel now becomes the first platform in Kenya to combine the best of mobile and banking services to give Kenyans more Freedom, Choice and Control when managing money and staying in touch with their loved ones.

LAUNCH OF EQUITEL VIDEO: BY EQUITY BANK

At the same time, the bank unveiled 0764 prefix after hitting one million customers on the 0763 prefix during the pilot phase.

“Internet banking has been a preserve of a few but now with Equitel this will be a mass market offering. It will enable all customers to access their bank accounts for 24 hours 7 days a week,” said Dr. Mwangi.

The Equitel platform will make banking services more accessible, flexible, convenient and more affordable. It is also a unique and universal platform that is interoperable with other systems as users will not only be able to securely send and receive money on the Equitel network but also from other banks and mobile money platforms such as Airtel Money, Yu Cash, Orange Money and MPESA.

Equitel, money transfer from one mobile phone or bank account to another within the Equity ecosystem will be done free of charge.

Equitel is the first platform in Kenya and in Africa to offer a full banking suite without building new mobile infrastructure. Commonly known as a Mobile Virtual Number Operator (MVNO), the service combines mobile and banking in a fresh, ground breaking way.

About the Author

Muhatia
Muhatia is the Managing Editor of Biz News Media Reach him via editor@biznews.co.ke