Equity Bank #ticker:EQTY has recruited 29,000 merchants to accept retail payments via Equitel mobile cash platform, taking the battle for Kenya’s lucrative segment to pioneer Safaricom’s #ticker:SCOM M-Pesa.
The bank in 2015 began signing up traders to ‘Eazzy Pay Till’ to receive mobile payments from all platforms including rivals M-Pesa and Airtel Money, suggesting a faster growth in enlisting retailers compared to Lipa Na M-Pesa.
Safaricom launched the Lipa Na M-Pesa service in June 2013 and now has 50,000 active merchants, including supermarkets, fuel stations and hotels.
“We now control a third of retail payments in Kenya. This is huge considering the market had one dominant player,” Equity group CEO James Mwangi said on Tuesday.
“Mobile payments are now the drivers of e-commerce.”
Equitel share of retail payments has grown nearly tenfold to hit 30.13 per cent of the value of mobile commerce as at March 2017 compared to 3.7 per cent market share in December 2015, official data shows.