Equitel records double digit growth due to rise in mobile payments

Equitel, Finserve’s telco unit, has recorded double digit growth in both the value and number of mobile money commerce transactions, according to the latest data from the Communications Authority.

Equitel processed 87.9 million mobile commerce transactions between April 2018 and June 2018, up from 77.6 million transactions in the preceding quarter, representing a 13 per cent increase. At the same time the value of mobile commerce transactions increased to Kshs 328.2 billion, a 13 per cent increase from Kshs 290.3 billion that was processed over the same period.

(TOP: Jack Ngare, the MD of Finserve which operates the Equitel brand).

Equitel is increasingly growing the volume and value of mobile commerce transactions boosted in part by the EazzyPay Paybill number that allows payments to be received from all mobile money transfer services through the interoperability feature

Equitel accounted for 23 per cent or Kshs 328 billion of the Kshs 1.427 trillion that was transacted in the form of mobile commerce payments.

The volume of person-to-person transfers on the other hand increased by 2 per cent to stand at Kshs 117 billion from Kshs 114.1 billion over the same period.

Overall the number of transactions processed stood at 140.4 million up from 128.6 million translating to a 9 per cent increase while the value of transactions increased by 6 per cent to stand at Kshs 413.4 billion from Kshs 389.3 billion.

Equitel’s subscription base as at June 2018 was 1.95 million.

Equitel, which was launched in July 2015, now accounts close to 22 per cent of the Kshs 1.919 trillion that was moved in the economy through mobile money services in the third quarter of the fiscal year.


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