News Ticker

Mobile commerce payments continue to drive Equitel’s growth

Mobile commerce payments continue to drive Equitel’s growth

Equitel has recorded a 73 per cent growth in the number of mobile money commerce transactions, says the latest data from the Communications Authority.

 

Equitel processed 106 million mobile commerce transactions as at the end of December 2018, up from 65.9 million transactions processed in a similar period in 2017. At the same time the value of mobile commerce transactions increased to Ksh449.2. billion, a 73 per cent increase from Ksh258.9 billion that was processed over the same period.

 

The strong growth over the one year period is underpinned by Equitel’s interoperability feature that allows payments to be received from all mobile money transfer services.

 

Equitel’s growth in mobile commerce payments has additionally been driven by the aggressive signing up leading retailers and online merchants.

 

“We are continuously partnering with merchants to ensure that we create a seamless payment process while giving more options to customers,” said Finserve managing director Mr. Jack Ngare.

 

The volume of person-to-person transfers on the other hand increased by 21 per cent to stand at Ksh122.9 billion from Ksh102 billion between December 2018and December 2017.

 

Overall the number of transactions processed stood at 166.4 million up from 110.5 million translating to a 51 per cent increase while the value of transactions increased by 33 per cent to stand at Ksh467.2 billion from Ksh350.5 billion.

 

Equitel’s subscription base as at December 2018 was 2.075 million.

 

Equitel, which was launched in July 2015, accounted for 22 per cent or Ksh467.2 billion of the Ksh2.1 trillion that was transacted in mobile money as at the end of December.