Technology

Equitel rolls out 4G network service

equitel

Customers at an Equity Bank branch in Nairobi. FILE PHOTO | NMG

Equitel has rolled out its fourth-generation (4G) network service to offer customers improved Internet banking services.
 
The Equity Group's #ticker:EQTY mobile virtual network operator said its new 4G broadband service will offer faster browsing speeds to stream, download and upload. 
 
“The new Equitel 4G SIM will address the issues of slow Internet connection and limited data coverage,” Finserve Africa Managing Director and Equity Group IT and Operations Director Lanre Bamisebi said on Thursday.

The SIM cards are available at Equity Bank branches.
 
The launch comes at a time when the use of digital banking is growing driven by deepened customer shift to cashless transactions in the wake of Covid-19.

Equitel registered 14 percent growth in customer transactions from 65.4 million in the first three months of 2021 compared to a similar quarter last year, according to Equity Group 2021 Q1 results. The value of transactions grew by 163 percent from Sh160.5 billion to Sh421.8 billion in the period.

Equity Group posted a 64 percent jump to Sh8.7 billion in the quarter driven by strong growth in both interest and non-interest income.