Vested interests hold back Equity's entry into mobile money transfer

Equity Bank CEO Dr James Mwangi (right) accompanied by his head of Information and Technology John Satley (left) and Mobile Virtual Network Operator Chairman John Waweru when they appeared before Parliamentary Energy Committee at Parliament mid this year. [PHOTO:BONIFACE OKENDO]

Equity Bank’s bid to enter the lucrative mobile money business has been marred by mystery. A report by the House Committee and two court cases challenging the bank’s subsidiary, Finserve’s entry into the market dominated by Safaricom, is spelling doom for the new entrant.

Safaricom, with about 19 million subscribers was the first to cry foul on the Thin Sim technology that Equity Bank wants to use to roll out its mobile money transfer platform.