Taisys Technologies Limited, a world leading mobile inter-connectivity company, has announced that Kenya’s Equity Bank will be issuing an ultra-thin mobile banking smart SIM with patented technology from Taisys, according to global telecommunications industry monitor Pyramid Research (PR).
According to PR’s daily update, Equity Bank customers can now enjoy funds transfer, micro-payments and other mobile financial services that are agnostic across mobile devices, including traditional basic-feature phones using Taisys’ “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 rely on the telecommunications provider to issue smart SIMs.
Besides substantial investments from the bank in product development, the banks do not have direct control over the platform, making day-to-day maintenance difficult and creating customer experiences that are less than ideal.
“With Taisys’ patented ultra-thin smart SIM – duoSIM – can be directly attached to the surface of an existing telco-issued SIM, and placed into the mobile device. Taisys’ duoSIM can then be used to execute mobile banking transactions, releasing the bank from the limitations of a telco-issued banking SIM,” said the company.
“The unique nature of Kenya’s financial market provided the ideal environment for the rapid growth of mobile micro-payment provider M-Pesa. Equity Bank is determined to challenge the M-Pesa’s monopoly in this area,” it added, explaining that by adopting duoSIM technology, Equity Bank can now provide an alternative mobile banking and mobile money solution to consumers.
M-Pesa is a mobile-phone-based money transfer and micro-financing service, launched in 2007 by Vodafone for Safaricom in Kenya and Vodacom in Tanzania, the largest mobile network operators in the two East African countries.
By successfully securing a licence 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.
Taisys Chief Executive Officer Jason Ho has expressed great optimism in Kenya’s market potential, saying: “With a population of 40 million, and 14 million mobile money users, Kenya is a mature market with users familiar with mobile financial services. Taisys sees this as a great impetus for growth in mobile banking.”