Wednesday, September 2, 2015

Equitel Increases Transfer Fees to M-Pesa by more than 100%!!!

So I recently came across this InfoTaKe.
Users transferring money from Equity Bank’s Equitel Mobile Money platform have been hit by a more than 100% increase in the cost of transferring money from the platform to Safaricom’s M-Pesa. 
The new charges appear to have been implemented at the start of August, just as Equitel officially announced it’s transition from a pilot phase. No official communication on the new charges was relayed to Equitel users.

This doesn't surprise me, but the timing is rather unfortunate given that Safaricom has been battling not to be declared the dominant player in the mobile industry.

It has been suggested that this may be the beginning of the end for Equitel, but given what I've heard of Equity Bank's CEO, James Mwangi, the war is just beginning.

Probably to make it seem less discriminatory they've since announced this will affect all banks. Peace.

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