Taisys Technologies Co., Ltd has today announced that Kenya’s leading bank Equity Bank will be issuing a ultra-thin mobile banking smart SIM from Taisys. Through the technology, Equity Bank customers can enjoy funds transfer, micro-payments and other mobile financial services that are agnostic across mobile devices, including traditional basic-feature phones using Taisys’s “mBanking” and “duoSIM”.
The technology also allows the bank to extend to customers mobile telecommunication services approved by Communications Authority of Kenya.
Traditionally, banks providing mobile banking services have to rely on the telecommunications provider to issue smart SIMs which the banks do not always have direct control over. This makes day-to-day maintenance difficult and creating customer experiences that are less than ideal.
With the ultra-thin smart SIM – duoSIM – can be directly attached the surface of an existing telco-issued SIM, and placed into the mobile device. The duoSIM can then be used to execute mobile banking transactions, releasing the bank from the limitations of a telco-issued banking SIM.
The use of duoSIM has been a bone of contention between Equity Bank and Safaricom. Now the bank is determined to challenge the M-Pesa’s monopoly in the mobile money transfer area. Equity is still reeling from the failed partnership with Safaricom to offer mobile banking services through the M-Kesho. After failure of M-Kesho, Safaricom went ahead and teamed up with CBA to launch M-Shwari which has grown to more than 8 million users within few months.
By adopting duoSIM technology, Equity Bank can now provide an alternative mobile banking and mobile money solution to consumers. By successfully securing a license to be a mobile virtual network operator, Equity Bank becomes the first financial services institution in Kenya that is also licensed to provide telecommunication services.