Kenya's Equitel is now the second largest mobile money service in terms of transaction values. This was revealed after data from the Communications Authority of Kenya analysed data relating to mobile money transfers from M-Pesa, Airtel Money, Orange Money, Equitel Money, Mobikash and Tangaza.
Safaricom's M-Pesa still accounts for the highest number of mobile money transactions in Kenya, with 423 billion shillings (US$4 billion) in person-to-person transfers, compared to KES 89 billion (US$ 860 million) on Equitel in second place.
Equitel is operated by Finserve Africa Limited, a wholly owned subsidiary of Equity Group Holdings. The service was launched in October 2014 following the acquisition of a mobile virtual network operator license in April of the same year.
The total number of mobile money subscriptions was recorded at 31.9 million while mobile money agents were recorded at 161,583 during the quarter under review. Communications Authority of Kenya
“The volume of transactions (deposits and withdrawals) on this platform was registered at 456.6 million with KES1.1 trillion transferred during the period. Mobile commerce recorded a total of 262.6 million transactions with KES586.4 billion used to pay for goods and services. The person-to-person transfers amounted to KES515.9 billion during the period,” reads the Communications Authority of Kenya's Second Quarter Sector Statistics Report for 2016/2017.
Mobile Money Transfer Service | Communications Authority of Kenya