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News : Equity Bank to Launch MVNO Services in July
Nairobi, Kenya, May 26, 2014 -- Equity Bank is set to launch its Mobile Virtual Network Operator (MVNO) services in July 2014.
Equity MVNO will simply mirror all its banking services into the mobile phone.
"By linking the account to the mobile phone, customers can apply for loans, move money to and from their bank accounts, pay bills as well as carry out trans-border transactions from their mobile phone," the bank says.
"All our account holders will receive a SIM card without any ‘know your customer’ (requirement) since its already done while opening the account," Equity Bank Chief Executive Officer James Mwangi said while unveiling the bank’s MVNO strategy.
Every SIM card will be a debit card, enabling customers to pay for goods by tapping their phones on a mobile point of sale terminal.
The network will allow for seamless money transfer to all banks in Kenya including being Visa and MasterCard enabled. It will also be set up to allow for domestic mobile money services.
Mwangi said that Airtel Kenya will support Equity’s delivery of MVNO services without capital investment required by traditional mobile operators.
The bank targets to also launch voice, Data and SMS platform targeting its customers countrywide.
The MVNO license is expected to allow the bank integrate along the value chain by allowing the bank to guarantee network availability.
Equity Bank will be able to reach other regional markets of East Africa as well.
The bank’s staff began trailing the service as the final round of testing before the service goes live in July.
The bank has already put in place a 300 seat customer contact centre fully integrated with voice and social media operational 24 hours, seven days a week.
Posted by Veronica Silva Cusi, news correspondent
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About Equity Bank:
Equity Bank is a financial services provider headquartered in Nairobi, Kenya. It is one of the forty-four commercial banks licensed by the Central Bank of Kenya, the national banking regulator.
Published: Wednesday, May 28, 2014