Equity Bank’s #ticker:EQTY mobile money platform Equitel rode on interoperability to grow, processing transactions worth Sh711.5 billion in the three months to December up from Sh650.3 billion in the previous quarter.
The value of Equitel's transactions was Sh350.5 billion, Sh258.9 million for its mobile e-commerce while person-to-person transfer on the platform amounted to Sh102 billion, according to the Communication Authority (CA)'s Second Quarter Report.
The performance of Equitel's e-commerce transactions represented an 11 per cent growth from the Sh233.6 billion posted in the previous quarter,
“Equitel has been actively rolling out Eazzy Paybill numbers by signing up retailers, fuel stations, schools, restaurants, hospitals in addition to national and county government departments for payment of licence fees and rate charges.
“Equitel Paybill numbers are interoperable meaning that they can accept payments from all mobile money wallets, making it convenient to subscribers across all networks,” said the bank.
CA’s report shows that Equitel posted an 82 per cent growth in mobile loans in the same period, disbursing Sh70 billion up from Sh38.5 billion in the previous quarter.
Equitel also registered an eight per cent increase on person-to-person transactions surpassing the Sh100 billion (1 billion USD) up from Sh94 billion reported earlier.
“Equitel processed 66 million mobile commerce transactions in the quarter to December 2017, up from 55 million transactions that were processed in the preceding quarter representing a 21 per cent increase over the period,” it said.