The Communication Authority (CA) has removed Equitel from the mobile money category, arguing that is more of a banking product. The authority says this was necessitated by the fact that there was a decrease in the value of transactions as well as indicators on mobile commerce transactions.
The Authority in the July-September 2019 statistics has revised its data on mobile money services, with the exclusion of data on Equitel Money, which is a mobile banking service as opposed to a mobile wallet service offered by telecommunications service providers.
With this unfolding, therefore, CA will no longer regulate the mobile virtual network operator (MVNO), leaving the task almost exclusively to the Central Bank of Kenya (CBK).
Business Daily reports that as at June 2019, the MVNO had 1.88 million subscribers, while its mobile money commerce transactions hit 101 million.