Equity Bank announces Ultra-thin mobile banking smart SIM

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m_Equity Bank announces Ultra-thin mobile banking smart SIM

Equity Bank is set yet for another step in promoting financial inclusion and aces to financial services as new technologies in mobile banking are unleashed.

The technology according to experts will help   Equity Bank customers enjoy funds transfer, micro-payments and other mobile financial services that are agnostic across mobile devices, including traditional basic-feature phones using Taisys’s “mBanking” and “duoSIM”.

Headquartered in Kenya, Equity Bank which also has presence in Rwanda can through the Duo SIM technology provide an alternative mobile banking and mobile money solution to consumers, something that will provide efficiency and convenience to the customer in accessing  accounts.

Again, the technology developed by Taisys Technologies Company limited allows the bank to extend to customers mobile telecommunication services approved by Communications Authority of Kenya.

By successfully securing a license to be a mobile virtual network operator, Equity Bank becomes the first financial services institution in Kenya that is also licensed to provide telecommunication services.

This implies that   the bank will not   depend on telecom operators to have their customers transact   on their mobile phones using the telecoms’ platform, implying that banks can compete directly with telcos.

“Traditionally, banks providing mobile banking services rely on the telecommunications provider to issue smart SIMs,” said Jason Ho, CEO of Taisys.

And  part   from reasonable invemstnent by the bank  in the devleopemnt of the  mobile banking product, they (banks)  do not have direct control over the platform, making day-to-day maintenance difficult and creating customer experiences that are less than ideal.

He adds, “With Taisys’s patented ultra-thin smart SIM – duoSIM – can be directly attached the surface of an existing telco-issued SIM, and placed into the mobile device”.

Ho says that Taisys’s duoSIM can then be used to execute mobile banking transactions, releasing the bank from the limitations of a telco-issued banking SIM.

Telecom  experts say that the  telecom  operators have to rethink  to   keep their   mobile money customer  base  intact  through  lower transfer charges  as well as  stable  platform that  facilitates   quick and  constant   transaction.

The move    by  Equity bank group is already   shaking  the Rwanda’s market that has seen  stiff competition  both  by telecoms  themselves and the banks which   marginally lost  through new products  by  telecoms such as Tigo Rwanda  Tigomatic Automated Teller Machines-ATM


About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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