Subsidiary of Equity Group Holdings; Equitel has launched its very own Fourth Generation (4G) network service. The move means that it will now be able to offer even more enhanced internet banking services to its customers.
Finserve Africa Limited which conducts business as Equitel and is a Mobile Virtual Network Operator (MVNO) in Kenya made it known that its newly launched 4G broadband network service will provide significantly faster Internet browsing speeds for uploads, downloading and streaming for its users.
Finserve Africa Managing Director and Equity Group IT and Operations Director; Lanre Bamisebi stated on Thursday the 12th of August 2021 stated that, “The new Equitel 4G SIM will address the issues of slow Internet connection and limited data coverage.”
The Equitel SIM cards are currently available at all Equity Bank branches.
The Fourth Generation (4G) network service launch by Equitel is occurring at a period when there has been an increase in the use of digital banking. This increase in digital banking adoption, has been propelled by the still ongoing Coronavirus pandemic which led to a massive move to cashless transactions.
Equitel has so far recorded a 14 percent growth in its user transactions from 65.4 million within the first three (3) months of 2021, when compared to a similar period in 2020. This is according to the 2021 Q1 results for Equity Group.
The value of transactions also grew by an impressive 163 percent from 160.5 billion Kenyan Shillings to 421.8 billion Kenyan Shillings in the same period of Q1 2021.
Equity Group experienced a 64 percent increase to 8.7 billion Kenyan Shillings in the same period. This was as a result of a significant growth in non interest income, as well as in interest income.
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