What Equitel does

Equitel is a mobile virtual network operator (MVNO) operating in Kenya as a brand of Finserve Africa Limited, a wholly-owned subsidiary of Equity Group Holdings Plc (Equity Bank). The service converges mobile telephony and banking on a single SIM, offering voice, SMS, 4G LTE, and — since February 2024 — 5G connectivity riding on Airtel's host network, alongside Equity-linked financial services such as mobile money transfers, instant loans (Eazzy Loans up to KES 3 million, Boostika micro-loans), hospitalization insurance (Riziki Cover, underwritten by Britam), goal-based savings (My Goals), and group-banking tools (Multiple Approval Service for chamas and joint accounts). Equitel was the first MVNO in Africa to launch 5G, available across 370+ locations nationwide.

Underlying technology includes USSD short codes (*544#, *745#, *740#, *784#), an STK menu, the Eazzy Banking App, a self-care portal, and eSIM support. Distribution is tightly coupled with Equity Bank's branch and agent network, and Equitel has built payment-rails integrations including EazzyPay Paybill 206206 for 137 eCitizen government services, M-Pesa interoperability via Paybill 412222, Pesalink bank-to-bank transfers, and the One Equity Till Number accepted at 1M+ merchants.

The business model is multi-stream and consumption-based: revenue is generated from airtime sales, data and voice bundle purchases (Daily, Weekly, Monthly, Jipimie, Ongea tiers), transaction fees on money transfers to M-Pesa, Airtel Money, and other banks, insurance premium commissions from Britam-underwritten Riziki Cover, and interest from unsecured mobile loans. Pricing is granular and pay-as-you-go, with free Equitel-to-Equitel transfers serving as an acquisition hook. Customers span Kenyan individual consumers (primary), chama and investment groups, government and county entities, SMEs/entrepreneurs, and smallholder farmers accessing the My Life content platform.

Name

Equitel

Legal name

Equitel

Website

https://equitel.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Equitel is a Kenyan mobile virtual network operator (MVNO) under Finserve Africa (Equity Bank subsidiary) that converges 4G/5G mobile connectivity with banking services — money transfers, loans, insurance, and savings — distributed through Equity Bank's branch and agent network across Kenya.

Ownership category

akta.pro rank

Product category

Mobile Banking and Telecommunications

NAICS

Telecommunications Resellers (517121), Agents for Wireless Telecommunications Services (517122)

SIC

Radiotelephone Communications (4812)

akta.pro primary industry

Consumer Mobile Network Operators (Retail MNOs) (HDAIAAAA)

Keywords

• Mobile virtual network operator
• Mobile banking services
• Digital payments platform
• Mobile financial services
• MVNO telecom services

Headquarters

HQ city

Zaragoza

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Airtime Sales: Revenue from sale of airtime for voice calls, SMS, and other mobile services. Subscribers purchase airtime directly or through Auto Top-up service, with call rates of Ksh 4.75 per minute across all networks and SMS at Ksh 1.20.
2. Data Bundle Sales: Revenue from data bundle packages including Daily, Weekly, and Monthly bundles ranging from 7MB at Ksh 6 to 20GB at Ksh 7,999, as well as Jipimie and Ongea bundled voice+data+SMS packages.
3. Money Transfer Fees: Transaction fees charged for sending money to M-Pesa, Airtel Money, other banks via Pesalink, and cash withdrawals through agents. Equitel-to-Equitel transfers are free. Other fees range from Ksh 10-73 depending on amount and destination.
4. Insurance Premiums: Revenue share from Riziki Cover and Riziki+ insurance products underwritten by Britam Insurance, providing hospitalization cash benefits. Lite users get free cover with Ksh 100 monthly usage; premium plans offer family coverage.
5. Eazzy Loans Interest: Interest revenue from instant loans up to KES 3 million provided to eligible customers. Loans are unsecured with repayment period of up to 30 days. Boostika feature provides micro-loans of Ksh 100-100,000 for transaction completion.
6. International Roaming: Revenue from roaming charges when subscribers travel abroad, with the service available across multiple countries.
7. M-Pesa Top-up Interoperability: Revenue from M-Pesa to Equitel airtime top-ups via Paybill 412222, enabling Safaricom customers to purchase Equitel airtime and data bundles.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels9 records

Core offering

Equitel operates as a Mobile Virtual Network Operator (MVNO) under Finserve Africa Limited, a subsidiary of Equity Bank Group, providing converged mobile telephony and banking services across Kenya. Customers can make voice calls, send SMS, browse on 4G/5G networks, transfer money, access instant loans up to KES 3 million, purchase hospitalization insurance, pay bills, and manage savings directly from their mobile phones. Equitel was the first MVNO to successfully launch 5G services in Africa, leveraging Airtel's host network infrastructure and Equity Bank's distribution network.

Product overview

Equitel is a unified MVNO platform by Finserve Africa (subsidiary of Equity Bank Group) that converges mobile telephony and banking services into a single product. The core Equitel service provides voice, SMS, 4G/5G internet connectivity alongside financial services. The My Phone module covers connectivity features including Jiokolee Credo (airtime borrowing), Gawa Credo (airtime sharing), Auto Top-up, Bundles, eSIM, and Roaming. The My Money module handles financial transactions including Send Money, Eazzy Loans (up to KES 3 million), Riziki Cover (hospitalization insurance via Britam), My Goals (savings pockets), Juba Express (UAE-Kenya remittances), Multiple Approval Service (group authorization), and KQ Tickets. The My Life module provides lifestyle content through partnerships with Mastercard Foundation and ARIFU for financial tips, entrepreneurship training, agriculture information, clean energy products, and news/entertainment.

Differentiator

Problem solved

Functional benefit

Brands

• Riziki Cover: Mobile-based insurance product that provides cash payout per night of hospital admission for eligible Equitel customers
• Eazzy Loans
• Jiokolee Credo
• Gawa Credo
• My Goals
• Juba Express
• Boostika
• Multiple Approval Service

Products and services

• Equitel Mobile Service Core mobile telephony service operating as a Mobile Virtual Network Operator (MVNO) on Airtel's network, providing voice calls, SMS, and 4G/5G internet connectivity for Kenyan consumers and businesses.
• Equitel 5G Services Fifth generation mobile connectivity service launched in February 2024 in partnership with Airtel, offering high-speed data services across 370+ locations in Kenya. Requires a 5G-capable device and a 4G-LTE SIM card.
• Equitel eSIM Embedded SIM (eSIM) capability integrated directly into compatible devices, eliminating the need for a physical SIM card. Supports iPhone XR, XS, XS Max and devices with dual eSIM functionality, allowing instant activation.
• Jiokolee Credo Airtime advance service allowing eligible Equitel prepaid subscribers to receive airtime on credit when running low. Accessed via dialing *740#, with denominations of KES 10, 20, 50, subject to a 10% service charge and 90-day minimum account requirement.
• Gawa Credo Airtime sharing service allowing Equitel users to purchase or transfer airtime to loved ones. Accessed via *100# or *544# menu, enabling airtime purchase for other Equitel numbers.
• Equitel Auto Top-up Automatic monthly airtime loading subscription service offering a discounted calling rate of KES 3.00 per minute across all networks. Available for both individual and organizational use with account reconciliation.
• Send Money Mobile money transfer service with free Equitel-to-Equitel transfers. Supports transfers to M-Pesa, Airtel Money, other banks via Pesalink, and Equity Bank accounts. Cash withdrawal available at Equity agents.
• Eazzy Loans Instant mobile loans of up to KES 3 million with no forms or guarantors required. Eligibility requires 6 months of active Equity Bank account or Equitel line. Includes Boostika feature for micro-loans of KES 100-100,000 to complete transactions when funds are low.
• Riziki Cover Mobile-based hospitalization insurance providing cash payout per night of hospital admission. Lite tier offers KES 400/night free with KES 100 minimum monthly airtime or M-banking transactions. Riziki+ premium offers KES 2,500/night for 3+ nights hospitalization, max 30 nights/year, with family plan options. Insurance underwritten by Britam Insurance Company of Kenya.
• My Goals Goal-based savings feature allowing users to subdivide bank account funds into designated pockets for specific purposes. Supports Day of Week Goals, Month Goals for seasonal expenses, and Virtual Salary Goals for lump sum distribution over time.
• Multiple Approval Service Service enabling group accounts (chamas, joint accounts, investment groups) to authorize bank transactions remotely using PIN, eliminating the need for physical cheque signing or in-person meetings.
• Juba Express International remittance service from UAE to Kenya enabling senders in Dubai and Sharjah to transfer up to USD 10,000 to Kenya recipients via their Equitel line. Maximum single transfer KES 500,000 with funds credited instantly.
• KQ Tickets Kenya Airways ticket payment service via Equitel Paybill 777887. Users book at www.kenya-airways.com and pay using reservation number through Equitel, or pay over the counter at Equity Bank branches.
• EazzyPay (Government Payments) Paybill service (206206) enabling payments for 137 government services including NTSA, immigration, lands, business permits, and county government services via the eCitizen platform. Used by Nyeri, Kisumu, Mombasa counties for revenue collection.

Quantifiable outcome

• 163% growth in transaction value: KES 160.5B to KES 421.8B (Q1 2020 to Q1 2021)
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature8 records

Partnerships

Five partnerships are on record, tiered core and minor.

• AirtelcoreTechnology or Integration · 27 February 2024Host mobile network operator partnership enabling Equitel's 4G and 5G services. Equitel operates as an MVNO on Airtel's network infrastructure, providing nationwide coverage across 370+ locations including Nairobi, Mombasa, Nakuru, Kisumu, Eldoret, and other major towns. This partnership enabled Equitel to become the first successful MVNO to launch 5G services in Africa.
• eCtizen PlatformcoreStrategic or Co-development Partner · 24 April 2017Partnership for government payment digitization enabling Equitel's EazzyPay Paybill 206206 on the eCitizen platform. County governments and national ministries use this for revenue collection including driving license fees, business permits, land searches, and passport applications. Nyeri, Kisumu, and Mombasa counties use it for public health certificates and liquor licenses, covering 137 government services.
• Mastercard FoundationminorStrategic or Co-development PartnerPartnership for entrepreneurship training program developed to broaden knowledge of business management for growth. Content accessible through My Life platform via dial *784# or sending 'Equity' to 22744. Also partnered for clean energy product awareness through MasterCard Foundation content development on improved cook stoves, solar lighting, biogas plants, and water purifiers.
• ARIFUminorStrategic or Co-development PartnerFinancial literacy content partnership providing information on money management and financial freedom. Content accessible free of charge through Equitel line via short code 22744. ARIFU works with industry experts to deliver up-to-date content intended to boost quality of life.
• Britam Insurance Company of KenyacoreTechnology or IntegrationInsurance underwriting partnership for Riziki Cover and Riziki+ insurance products. Britam underwrites the hospitalization cash benefit policies providing Ksh 400-2,500 per night for 3+ consecutive nights in hospital (up to 30 nights per year). Products are distributed through Equitel with claims processed via call center 0763 063 745, paid within 48 hours to Equity Bank accounts.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Others

• Cellulant: Cellulant is a pan-African digital payments infrastructure provider powering merchant, bank, and government payment flows. Comparable to Equitel as a payments-platform enabler across merchants, banks, and government Paybill use cases in Kenya.

Direct peers

• Safaricom (M-Pesa): Safaricom is Kenya's dominant MNO and the operator of M-Pesa, the country's leading mobile-money and merchant payment platform. It is Equitel's closest direct peer because it offers the same converged mobile-telephony-plus-financial-services stack to overlapping Kenyan consumers and merchants.
• Airtel Kenya (Airtel Africa): Airtel Kenya is Equitel's host network operator and a retail competitor in mobile voice, data, and Airtel Money. It is directly comparable as both an MVNO wholesale counterparty and a head-to-head Kenyan operator in the same product categories.
• Telkom Kenya: Telkom Kenya is the third licensed Kenyan MNO and offers mobile voice, data and partner-led mobile financial services. It competes directly with Equitel for the same Kenyan retail mobile subscriber base.

Emerging players

• M-Kopa: M-Kopa is a Kenya-based fintech offering pay-as-you-go solar and digital credit to underbanked consumers, distributed largely through mobile and agent networks. It targets the same financial-inclusion customer base Equitel serves, with overlapping mobile-led credit and savings functionality.
• Tala: Tala is a mobile-first lending platform operating in Kenya and other African markets, providing instant loans via mobile wallet. Comparable to Eazzy Loans on Equitel as a direct mobile-channel microcredit offering for the same Kenyan consumer base.
• Branch International: Branch is a mobile lending platform operating across Kenya and Africa, disbursing instant loans via mobile money wallets. Competes with Equitel's Eazzy Loans and Boostika microcredit products for the same Kenyan mobile-first credit customer.

Broad incumbents

• MTN Group (MoMo): MTN Group operates mobile networks and MTN MoMo across multiple African countries with the same converged telecom-plus-mobile-money model as Equitel. Comparable business model and target segments across the continent, though MTN owns infrastructure and operates in many more geographies.
• Orange Money (Orange): Orange Money is Orange's pan-African mobile-money and remittance layer sold via Orange's mobile networks. It is comparable to Equitel's mobile-money, remittance, and merchant-payment offering within a broader telecom portfolio.

Regional players

• Africell: Africell is a mobile network operator and mobile-money provider active in Uganda, Sierra Leone, Gambia, DRC and South Sudan. It offers a similarly converged voice-data-mobile-money stack to Equitel but in neighbouring and other African markets rather than Kenya directly.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/keequitybank
• YouTubeyoutube.com/channel/UCbwz4BgzWMDY6KP09GIVuuw
• Facebookfacebook.com/KeEquityBank
• LinkedInlinkedin.com/company/cummins-de-los-andes-s.a.

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Equitel