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[h=5] Posted Monday, May 26, 2014 | by- MUTHOKI MUMO,
mumumo@ke.nationmedia.com
[/h] [h=1]Equity to give out 8.7m SIM cards in mobile banking strategy[/h] Equity Bank Group, Kenya's largest financial institution by customer base, will launch
From left: Airtel Kenya CEO Adil Youseffi and Equity Bank CEO Dr. James Mwangi during the unveiling of the bank's Mobile Virtual Network Operator (MVNO) strategy and roll out plan set to launch in July, 2014. PHOTO | DIANA NGILA
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Equity Bank Group, Kenya's largest financial institution by customer base, will launch telecommunication services through its subsidiary Finserve Africa in July.
The bank on Monday said that it would issue its 8.7 million customers with SIM cards in a move that will see the bank head off that would give them access to mobile banking and other telecommunication services.
Mobile money transfer fees will be charged at one per cent the value of a transaction and capped at Sh25.
"If you send Sh100 , you will pay Sh1. If you send Sh1,000, you will pay a maximum of Sh25," said Equity Bank Group chief executive James Mwangi.
Instant loans will also be extended to customers at a maximum rate of two per cent a month.
Equity Bank was earlier this year granted a license by the Communications Commission of Kenya (CCK) to launch Mobile Virtual Network Operator (MVNO) services in the country.
Under this licensing framework, the company will not roll out its own telecommunications infrastructure but will instead ride on that of an existing operator, Airtel.
Dr Mwangi said that Airtel had opened up 60 per cent of its excess capacity to the new telecom arm.
Equity Bank is driving a cashless payments strategy as it anticipates growth in the market with the imminent migration of the transport and public sectors to electronic payments.
