Equity Bank Group has introduced a new mobile payment and banking platform for its customers in Kenya.
Dubbed as Equitel, the platform will offer a range of banking products such as loans, cross boarder transfers, insurance and investment services.
The platform will allow customers to securely send and receive money on the Equitel network as well as from other banks and mobile money platforms such as Airtel Money, Orange Money and MPESA for free, the bank said.
The bank has selected Airtel Africa as a partner operator for the Equitel platform. The service works on the Thin Sim Technology, which is a thin (0.1 mm) film that is placed directly on a subscriber’s SIM card which then enables dual-SIM phone functionality.
The Thin SIM technology used by Equitel converts all single sim phones into dual sim phones, enabling millions to access two telecom service providers bringing choice of service and products for the first time.
Equity Bank customers can receive SIM cards ranging from standard size SIM, micro and nano and thin SIM based on their needs at any of the bank’s branches.
Also, the bank has rolled out a new 0764 prefix after hitting one million customers on the previous 0763 prefix in the pilot phase.
Equitel in Kenya and Africa will also deliver a full banking suite without building new mobile infrastructure.