Finserve Africa Ltd

You are here

Finserve Africa Ltd

Finserve Africa Limited trades as Equitel.  With 1.2 million users, Equitel’s ''My Money'' app delivers financial inclusion including savings, credit, transfers, insurance and investments anywhere, anytime. Equitel rides on Airtel and Equity Bank infrastructure (data centre,branches, agents and staff).  

Project summary

Equitel is a revolutionary telco- banking convergence platform hosted by Airtel, currently helping 1.2 million Kenyans manage their money, lives and communications with freedom, choice and control.  Banking is now digitized and transformed into a lifestyle – not a place one goes.  This project seeks funding to scale Equitel usage from an existing 10 million customers to 100 million by 2024 in 15 sub-Saharan African countries.  

Key innovations

The convergence of banking into telecoms, as opposed to the other way around, ensuring that mobile innovations in banking are led from the core of the industry rather than the peripheries.

Representative

Mr Grant Taylor

Mr. Ronald James Webb, Group Director- Equity Group Holdings Limited, Finserve Africa Limited

Project partners

Equity Group Foundation

The transaction

  • FRP contribution: USD 2,500,000
  • Match funds: USD 3,775,788
  • Project period: 2 years 

Development impact*

  • Reach: 7.5 million people
  • Gross change in customer income: USD 3,500 per annum
  • Jobs: 250, of which 80% for women and 80% for youth
  • Systemic Change: Financial inclusion leading to higher productivity and economic growth