Equity Bank’s mobile money transfer service Equitel has gained considerably against market leader Safaricom in the war for mobile cash transfer stakes.
According to the latest statistics from Communications Authority (CA), Equitel accounted for 21.8 per cent of the Sh. 1.1 trillion transferred through mobile phones in Kenya in the three months ended December 2016.
This amounted to Sh. 251.5 billion worth of transactions and saw Equitel rise way above other market players such as Airtel Money, Orange Money, Tangaza and Mobikash.
On the opposite end, though, Cash transfers on M-Pesa stood at Sh. 892.8 billion, accounting for 77.5 per cent of all the transactions in the review period.
M-Pesa had a slightly higher person-to-person transfer value as compared to the value of mobile commerce transactions whereas Equitel’s commercial transfers were more than double those of person-to-person deals.
Airtel Money handling Sh. 6.5 billion of transactions followed by Mobikash with Sh. 127 million and Orange Money with Sh. 80 million.
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