Equitel users in Kenya are set to enjoy at least 25 per cent bonus airtime for every purchase they make in the next two month, a plan that seeks to boost the bank’s market share in the country’s communication sector.
The bonus airtime which applies to any amount of airtime bought can be used to make calls, send SMSs across all networks and to browse the internet.
This promotion comes at the time when Safaricom’s market dominance continue to shrink despite its solid products like M-Pesa, which has now become a preferred mode of payment by various service providers in the country.
Equitel’s feature allows one to send money to all mobile wallets such as Mpesa, Airtel Money and Orange money directly from one’s Equity Bank account using their Equitel line or Eazzy Banking Apps launched late last year
Value of transactions processed through Equitel stood at Sh219.6 billion out of Sh1.08 trillion that was transacted between July and September 2016, which translates to 20 per cent market share.
According the Communication Authority (CA), Equitel’s subscription grew by 29 per cent last year, while Safaricom’s market share declined by 1.6 per cent from 66.3 per cent the previous quarter to 64 Per cent
Equitel subscribers as at September 2016 stood at 2.09 million, and according to a Communication’s Authority report, this makes Equitel mobile service the fastest growing telco.
Other mobile telephony firms that experienced growth includes Orange which increased its customer subscription to 6.6 million, representing a 4.3 per cent rise.
Airtel on other hand increased subscription by 0.1 per cent to 19.2 per cent from 19.1 per cent of the total market share.
Equity bank partnered with Airtel in mid-2015 to launch Equitel, in what was seen as a plan to stem Safaricom’s market dominance.