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EazzyPay, interoperability boost Equitel fortunes

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Equitel mobile commerce payments continued to grow by double-digit rates in both value and volume in the second quarter, says the latest report by the Communications Authority.

Equitel processed 66 million mobile commerce transactions in the quarter to December 2017, up from 55 million transactions that were processed in the preceding quarter representing a 21% increase over the period.

The latest figures from the CA’s report for the period September to December 2017 additionally show that the value of Equitel-processed mobile commerce transactions stood at Ksh258.9 billion, an 11 per cent increase from Ksh233.6 billion.

Person-to-person transactions, on the other hand, crossed the Ksh100 billion mark to stand at Ksh102 billion up from Ksh 94 billion, representing an eight percent increase.

Equitel has been actively rolling out Eazzy Paybill numbers by signing up retailers, fuel stations, schools, restaurants, hospitals in addition to national and county government departments as it seeks to offer convenience to subscribers across all networks.

Equitel Paybill numbers are interoperable meaning that they can accept payments from all mobile money wallets.

The latest CA report also comes on the back of the Group’s full-year results that were released in March.

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In 2017, Equitel issued Ksh 70 billion in mobile loans, nearly double the Ksh 38.5 billion that was loaned on the platform a year earlier, representing an 82% growth.

Equity Group, while releasing results for the year ended 2017, announced that Equitel and other digital banking platforms continued to increase contribution to non-funded income, cushioning the bank against a tough lending environment.

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BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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