Equitel gains 24pc growth in subscription

New entrant into the telecom market, Equitel Money, was the highest gainer in the mobile money transfer market gaining 24 per cent subscriprion increase in a sector that is dominated by Safaricom’s M-PESA, according to the latest data from the Communication Authority of Kenya (CA). The quarterly report showed that Equitel Money - a subsidiary of Equity Bank - roping in 212,226 new customers, with its subscription now standing at 1,085,869. Safaricom’s M-Pesa, which enjoys over 70 per cent market share also gained 3.7 per cent market share to stand at 22,127,622 subscriptions. Other gainers were Mobikash, whose subscriptions rose to 1,754,117 in September, up from 1,714,170 recorded in June. Airtel Money and Orange Money on the other hand, lost 0.2 per cent and 0.6 per cent respectively. As of September, Airtel Money had a total subscription of 3,114,956, down from 3,119,812 recorded in June. Orange Money, which has since been acquired by British investment firm Helios, had 191,300 subscriptions, down from 192,531. Airtel and Orange also lost their market share for voice calls. Airtel lost its market share by 0.3 percentage points to stand at 19.1 per cent - although it gained subscriptions to stand at 7.2 million, up from 6.8 million recorded in the same period last year. Orange Kenya and Equitel (Finserve Africa Limited) on the other hand gained market share to stand at 11.8 per cent and 2.9 per cent respectively. However, Safaricom continued to tighten its grip on the telecom market by gaining subscriptions in the voice calls, data and short-messaging services. ­