March 10, 2016 IBOMLLC Team

90% of the time Equitel SIM Cards are used for Mobile Banking

90% of the time Equitel SIM Cards are used for Mobile Banking

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Kenya’s telecommunication service provider Safaricom fervently opposed the introduction of the Thin SIM technology being used by the commercial bank Equity Bank. The telecom cited genuine security concerns on the use of the Thin SIM, which is placed on top of the regular SIM card.

However, experts argue that Safaricom was simply acting out, as the Thin SIM will transform the commercial bank into a competitor in many fronts: mobile money services and carrier services like voice, SMA and data. Naturally, as the dominant telecom service providers, this move was not expected to be in the best interest of Safaricom.

Nonetheless, Equity Bank got the green light to deploy its Thin SIM technology and by December 2015, the bank had already issued more than 1.7 million SIM cards to its customers.

During the release of Equity Bank’s full year financial report for the year 2015, the Equity Group Holdings CEO Dr. James Mwangi revealed that Equitel customers had made more than Ksh.115 billion in 2015 compared to 2014’s Ksh.4.7 billion.

Much of this increase in transactions was attributed to the mobile banking brought on by …read more

Read more here:: 90% of the time Equitel SIM Cards are used for Mobile Banking

      

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