New mobile wallet threatens the monopoly of M-Pesa in Southern Africa

Kenyan Equity Bank announced the launch of a new mobile banking service, which is projected to become a major competitor of the dominant mobile wallet M-Pesa, which has 18 million active users. To use the new payment service, customers need to insert a second SIM-card from Equity Bank next to the existing one in the mobile phone. Therefore the bank will receive the access to phone menu and the user will be able to make operations in mobile banking.