Equity steps up competition for mobile money customers with cheaper transfer service

Equity Bank has stepped up competition for mobile money customers by making it free for its subscribers to send money to Airtel subscribers and within its network while capping fees charged on transfers to other banks at Sh200. Users of the new Equitel service will send any amount of money to customers within the bank and up to Sh1 million from their mobile phones to other banks, a significantly higher sum than the current maximum transfer of Sh140,000 per day on Safaricom’s M-Pesa, which must be done in two instalments.