Kenya's Equity Bank starts mobile money service Equitel to challenge Safaricom

James Mwangi, CEO, Equity Bank

Kenya‘s Equity Bank said it would press ahead with offering mobile phone transfer services, stepping up competition to telecoms firm Safaricom’s money transfer product.

Equity Bank, the biggest in the east African country by depositors, will run its service through its telecoms unit Equitel and use the network infrastructure of Kenyan telecoms firm Airtel, the local arm of Bharti Airtel.

The service has already attracted one million subscribers during a trial run since October, said Equity, which has banks in Uganda, Tanzania, Rwanda and South Sudan.

Read more: Kenya’s Equity Bank starts mobile pay service to challenge Safaricom | Reuters