Equitel

The Equitel brand was hailed by Equity Group as the "next big thing", as part of an overhaul dubbed "Equity 3.0". The move was to give Equity Bank the opportunity to continue its mission of furthering financial inclusion and innovative service offerings for all Kenyans by presenting their financial services offering on to a single platform which will make banking services more accessible, flexible convenient and more affordable. Airtel Kenya on their part stated that the partnership would increase their revenue by up to 10%.[3]

The brand made Equity Bank the first financial institution in Africa to offer a full banking suite through an MVNO.

Equity Bank, through its subsidiary Finserve Africa Limited, received its MVNO Licence on 11 April 2014, along with Tangaza Money and Zioncell Kenya. All which would run on Airtel Kenya's network, a move that was opposed by the Consumer Federation of Kenya, Safaricom and Telkom Kenya[4]

For the bank, the move was aimed at lowering their transaction costs by up to 47% as well as an added revenue stream by providing money transfer and other telco services to their 8.7 million customers.[5]

Due to the requirement to have a SIM card to access the service, users would therefore need an additional mobile phone or Dual SIM phone. Equity Bank overcame this challenge by adopting the use of 0.1 millimetres thick ultra-slim SIM cards from Taisys Solutions, using technology originally developed in China.[6] The ultra-slim SIM cards are placed at the back of normal SIM cards therefore tackling this challenge effectively.[7] This ultra-slim SIM cards would also come with Near Field Communication (NFC) capability that enables them to be swiped on the point of sale devices or ATM[8] thus converting a mobile phone into a credit or debit card.

Market leader Safaricom wrote to the Communications Authority of Kenya (CAK) challenging the use of ultra-slim SIM cards stating that they could expose their subscribers to intercepted communication and financial fraud on M-Pesa service.[9] Despite this, Finserve Africa were granted a one-year trial period through the 0763xxxxxx prefix.[10]

On 22 September 2014, Safaricom stated that it would review its legal commitments to M-Pesa customers who opt to use the Equitel overlay SIM cards.[11] In addition, the CCK required Finserve Africa to make a written undertaking to compensate mobile phone subscribers for any losses they may incur during the one-year trial of its thin SIM, putting to test the company’s assertion that the technology is safe.

On 14 October 2014, Equity Bank Kenya started issuing ordinary SIM cards for telecommunication and mobile banking services to its 8.7 million customers across the country.[1]

Equity Bank Group plans to roll out their mobile virtual network in Uganda, Tanzania and Rwanda through their partnership with Airtel Africa.

Equity Group Holdings is a large financial services group in East Africa. As of March 2014, The group had an asset base valued at over US$3.45 billion (KES:295 billion), with a total customer base in excess of 8.7 million, in the region the group serves.[12] The companies that comprise the Equity Bank Group include the following:[13]

1. Equity Bank Kenya – Nairobi, Kenya
2. Equity Bank Rwanda – Kigali, Rwanda
3. Equity Bank South Sudan – Juba, South Sudan
4. Equity Bank Tanzania – Dar es Salaam, Tanzania
5. Equity Bank Uganda – Kampala, Uganda
6. ProCredit Bank Congo SARL – Kinshasa, Democratic Republic of the Congo
7. Equity Consulting Group Limited – Nairobi, Kenya
8. Equity Insurance Agency Limited – Nairobi, Kenya
9. Equity Nominees Limited – Nairobi, Kenya
10. Equity Investment Services Limited – Nairobi, Kenya
11. Finserve Africa Limited – Nairobi, Kenya
12. Equity Group Foundation – Nairobi, Kenya

Shares of the stock of Equity Group Holdings Limited, the parent company of Finserve Africa Limited, are listed on the Nairobi Stock Exchange (NSE), under the symbol EQTY. The Group's stock is also cross-listed on the Uganda Securities Exchange (USE), under the symbol EBL.

• Equity Bank Group
• Equity Bank Kenya
• Equity Bank Rwanda
• Equity Bank South Sudan
• Equity Bank Tanzania
• Equity Bank Uganda
• MPesa