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Equity now takes on Safaricom’s M-Pesa with mobile money

Airtel Kenya CEO Adil Youseffi (left) and Equity Bank CEO James Mwangi at the unveiling of the bank’s Mobile Virtual Network Operator (MVNO) strategy set for launch in July 2014. Photo/DIANA NGILA

Equity Bank on Monday gave consumers a peep into its mobile banking platform it says will disburse loans and offer cash transfer services for the lender’s eight million customers, posing the biggest competitive threat yet to Safaricom’s popular M-Pesa service.

Customers will pay a maximum charge of Sh25 to send any amount of money within the network, compared to the Sh125 fee the telecoms operators charge users to transfer the maximum Sh70,000 within their network.  

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