The battle for control of Kenya’s mobile money transfer services is set to take shape after Taisys Technologies Co announced that Kenya’s Equity Bank is ready to venture into the market with its ultra-thin SIM cards.
Taisys, a world leader in making mobile interconnectivity and vertical integration across various industry players, said that Equity Bank will be issuing a ultra-thin mobile banking smart SIM with its patented technology.
This signals the commencement of a vicious battle for control of the lucrative mobile money transfer market that is currently dominated by Safaricom’s M-Pesa.
Following the move, Equity Bank customers can now 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”.
The technology also allows the bank to extend to customers mobile telecommunication services approved by Communications Authority of Kenya.
“With a population of 40 million, and 14 million mobile money users, Kenya is a mature market with users familiar with mobile financial services. Taisys sees this as a great impetus for growth in mobile banking,” said Jason Ho Taisys CEO.
He added the collaboration with Kenya’s largest bank is a strategic partnership to expand the offering of mobile banking services and providing such services to a wider population in Kenya.
Traditionally, banks providing mobile banking services rely on the telecommunications provider to issue smart SIMs. Besides substantial investments from the bank in product development, the banks do not have direct control over the platform, making day-to-day maintenance difficult and creating customer experiences that are less than ideal.
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.
Taisys’s duoSIM can then be used to execute mobile banking transactions, releasing the bank from the limitations of a telco-issued banking SIM.
By adopting duoSIM technology, Equity Bank can now provide an alternative mobile banking and mobile money solution to consumers after securing a license to be a mobile virtual network operator.
Taisys Holding Co. Ltd.