Equity Bank's Equitel mobile money service targets 100 million African customers in 10 years

Equity Bank Ltd., which has started a new mobile payment and banking service called Equitel, is seeking 100 million customers in Africa within 10 years and the first five million by the end of 2015.

“We already have 800,000 accounts and I’m optimistic we’ll have five million SIM cards issued by year end,” James Mwangi, chief executive officer of parent Equity Group Holdings Ltd., said Wednesday in an interview at the World Economic Forum on Africa in Cape Town.

“For Africa, this is a bold step to converge financial services and telecoms along with payment services through American Express and MasterCard for tap and go.”

Read more: Equity Bank’s Equitel Targets 100 Million African Customers – Bloomberg Business