Equity bank launched Equitel on Monday, a mobile banking platform for its customers which brings a convergence between mobile and banking services. The platform is meant to promote greater access to banking services which currently stands at 53% of the Kenyan population.

The service which was first being piloted by staff members and some customers appears to have become so popular that it has already reached the one million customers mark. This means that at the launch a new prefix 0764 was unveiled since 0763 was already exhausted. Calling rates on Equitel will be Kshs.4 to all networks.

The most interesting thing about Equitel is that the money transfer platform is interoperable with other systems. This means that customers can send and receive money not only on the Equitel network but also from other banks and mobile money platforms like Airtel money, Yu cash, Orange Money. This is a welcome change from what we have been using. Also on Equitel, money transfer from one mobile phone or bank account to another within Equity will free of charge, how about that. I guess this is meant to attract and lock in customers, I mean which Kenyan doesn’t like free things. My hope is that this product will shake up the money transfer market leading to better terms for the customer.

If you are interested visit any Equity bank branch to obtain a sim card. In my case I think it is high time I revived my kadormant account.