Equity Bank to expand mobile banking services riding on Safaricom’s M-pesa

Equity Bank is set to expand its mobile banking services riding on Safaricom’s M-pesa service.

In an agreement signed Tuesday the two firms have agreed on a joint financial offer joint financial services to deepen the reach among its customers.

The deal will similarly see a revamp of M-Kesho service allowing customers to access the bank’s financial services through their Safaricom mobile lines.

While Equity Bank has 13 million customers, Safaricom has 31 million subscribers, numbers the two are keen on exploiting for growth.

Equity is now seeking to tap safaricom’s mobile money service M-pesa to expand its digital banking services such as M-Kesho which was halted previously after a disagreement erupted.

Safaricom on the other hand is expected to use Equity’s regional reach for expansion as the two targets to create more inclusive financial products and explore regional synergies.

The have also committed to simplify cash delivery between their agents and share technical knowledge in a bid to combat challenges such as fraud and cybercrime.

Safaricom and Equity Bank are targeting the partnership to deepen financial service access in Kenya leveraging on technology and innovation.

Further talks on the agreement are still ongoing with the signed awaiting approval from relevant authorities.