Equity Group’s mobile money platform, Equitel has registered increase in value and number of mobile money transactions, the latest data from the Communications Authority of Kenya (CA) indicates.
According to the stats, Equitel processed transactions worth Ksh251.6 Billion in the second quarter of the 2016-2017 fiscal year, a 15 per cent increase from Ksh219.6 billion that was transacted in the quarter before.
Overall, the mobile money platform increased its market share in the value of mobile money transactions to 22 per cent from 20 per cent over the same time.
The firm additionally increased the number of transactions processed through the platform to 89.6 million up from 63.9 million which is a 40 per cent growth. Equitel’s share in the number of transactions now stands at 20 per cent up from 16 per cent recorded in the previous quarter.
Other gains for Equitel include the increase in loans disbursed. Earlier in the year Equity Bank while releasing the 2016 full year results, announced that the mobile money platform had advanced loans worth Ksh 38.5 billion up from Ksh5.4 billion in 2015. This represents a 618 per cent increase.
Equitel was launched in July 2015 and is an integral part of Equity Bank’s digitization strategy which the group has touted as a game changer in the finance industry.