Equity Bank partners with Safaricom for M-Pesa.
In the news this week, Equity Bank and Safaricom have announced a strategic partnership for M-Pesa. Basically, any of M-Pesa’s 8 million subscribers in Kenya will now be able to make card-less drawings from any of Equity Bank’s 550 automated teller machines (ATMs) throughout Kenya. This is not the first time that Safaricom has made such strategic partnership since it already does the same with PesaPoint’s nationwide ATM network in Kenya.
Equity Bank is clearly positioning itself to become the preferred bank for mobile money services since it announced last month that it had partnered with the YU network to act as an agent for its extensive branch network in Kenya (this was covered in a post on this blog as well). As of this writing, Equity Bank has the largest number of account holders in Kenya with over 4 million. The latest partnership move would enable Equity Bank to start acquiring more account holders as well as selling additional services.