Equitel money, the mobile transfer service from Equity Bank, has doubled its value of transactions in the mobile money business in three months.
The latest report from the market oversight authority, the Communications Authority of Kenya (CA), show that Equity moved Ksh.138.5 billion in the fourth quarter ended June 2016. This translates to 14.5 percentof the total value of transactions. During the third quarter Equitel transacted Ksh.62.4 billion. From these figures you can clearly see that the value of transactions has more than doubled.
On the other hand, M-Pesa transacted Ksh.807.1 billion. This is close to seven times that of Equitel. When compared to the third quarter transaction value, this was a 5.4 percent growth.
Note that the total value moved by all mobile transfer operators was Ksh.957 billion. The value of transactions by M-Pesa translates to 84.3 percent of the total value of transactions. This is a drop given that 91 percent of the value transacted was through M-Pesa during the third quarter.
Airtel money was also not spared. It only managed to move Ksh.10.9 billion which is a drop of 11.9 percent of the value recorded during the third quarter. The downward turmoil did not end there. Mobikash seemed like the hardest hit with a 62 percent drop in the value of transactions. During the third quarter they recorded a total transaction value of Ksh.605.7 million but only managed to move Ksh.373.5 million in the fourth quarter.
When you look at the total value moved by all service providers the picture is different. The value of transactions recorded a rise of 14 percent. From the above figures it is evident that Equity Bank’s Equitel money is eating into the market share of the competitors and it is not slowing down. For how long will M-Pesa hold on as the market leader?