Disrupting mobile banking in Kenya; Equity Bank joins the list

EQUITY Bank, whose micro-loans offerings have helped increase the number of Kenyans using formal financial services, is looking to break into Kenya’s booming mobile telecoms market. The bank says it will use the Mobile Virtual Network Operator licence it was granted in April to make financial services even more accessible and affordable. Kenyans transacted more than US$20 billion through their mobile phones in 2013, and Kenya leads the world in its adoption of mobile payments. Equity is looking to tap into this booming market by employing innovative Taiwanese-made ultra-slim “subscriber…

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