Equity Bank CEO James Mwangi. [Photo/newsroom.mastercard.com]
Data from the Communications Authority of Kenya’s (CAK) third quarter sector statistics report shows that Equitel processed 37.38 million transactions worth Ksh. 189 billion up from 30 million transactions valued at Ksh. 171 billion recorded in the previous quarter. Overall Equitel accounted for 30 per cent or Ksh. 189 billion of the Ksh. 627 billion that was transacted in the form of mobile commerce payments.
Equitel has targeted to hem in at least 1 million merchants through its EazzyPay service within the next two years, a key strategic pillar for Equity Bank’s digital banking strategy that was launched in late 2016. Additionally, there were gains in the subscription base which stood at 1.7 million subscribers as at the end of March 2017, up from 1.49 million subscribers as at December last year, translating to a 15.4 per cent increase.
Equitel, which was launched in July 2015, now accounts for 23 per cent of the Ksh1.1. trillion that was moved in the economy through mobile money services in the third quarter. EazzyPay merchants are also able to receive payments from all other channels like Mpesa, Airtel money and Pesalink.