More sign up for Equity Bank’s thin SIM card
New Uchumi Supermarkets chief executive Julius Kipng’etich (left) with Equity Bank chief executive James Mwangi and Equity Foundation boss Hellen Gichohi at a past event. Mr Kipng’etich has launched a programme to refurbish the retail chain’s shops. PHOTO | DIANA NGILA |
What you need to know:
- The lender posted a Sh11.2 billion profit in the three months to September.
- It plans to use the cards to offer telecommunications and mobile banking services riding on Airtel’s network.
At least 200,000 customers have taken up Equity Bank mobile phone services as the financier prepares to start piloting the thin SIM technology.
The lender said on Thursday that the delay in mass roll-out of the card had been occasioned by fear of handling huge numbers of potential customers at a go.
“As you know, we are issuing the cards from our branches and we run the risk of disrupting normal business if we don’t manage the huge interest in the SIM card,” Equity chief executive James Mwangi said at an investor briefing on Thursday.
It posted a Sh11.2 billion profit in the three months to September, up from Sh8.9 billion earned in the same period last year.
The bank’s customer deposits during the period under review went up from Sh195 billion posted in 2013 to Sh243 billion.
This was attributed to increased use of agency network. The loan book grew from Sh159 billion last year to Sh207 billion in the three months to September 2014.
As at the end of September, Equity Bank had a customer base of 9.2 million and targets to roll out the SIM card to all its customers.
It plans to use the cards to offer telecommunications and mobile banking services riding on Airtel’s network.
