Corporate News
By MUGAMBI MUTEGI, pmutegi@ke.nationmedia.com
In Summary
- Equity Bank plans to issue consumers with the ultra-slim SIM cards that can sit on the back of normal SIM cards, saving users the trouble of migrating or carrying two phones.
- The layered SIM card can receive and make calls as an independent line and comes loaded with mobile wallets for financial services.
- The special SIM card allows users to access financial services and make cheap international phone calls by diverting traffic from the parent network to the carry-on SIM.
Equity Bank’s customers will get special SIM cards to simultaneously access the lender’s mobile virtual network without parting ways with the existing telecoms operators.
Equity, which got a Mobile Virtual Network
Operator (MVNO) licence in April, plans to issue consumers with the
ultra-slim SIM cards that can sit on the back of normal SIM cards,
saving users the trouble of migrating or carrying two phones.
“Users who want to stick with their current mobile
lines and at the same time enjoy Equity’s banking solution will be able
to do so with our slim card,” Equity Bank chief executive officer
James Mwangi said in an interview.
“The SIM Skin gets married to the existing card
and turns your phone into a dual SIM although it has only one slot. If
somebody calls you on your Equity line, you can pick it and if they call
your other network, you do the same.”
The slim SIM cards come in the form of a film that
is 0.1 millimetres thick and can be layered over the active side of an
ordinary SIM card without interfering with its reception or operation.
Equity, which is Kenya’s largest bank by customer
base, said its clients will be allowed to choose which SIM card to have
-- a move that is set to unsettle the telecoms market.
The layered SIM card can receive and make calls as
an independent line and comes loaded with mobile wallets for financial
services.
Mr Mwangi said the cards have near field
communication (NFC) capability that enables them to be swiped on the
point of sale devices. That function is particularly critical for the
bank, coming at a time when the public service vehicle (PSV) industry
is going cashless.
The SIM Skin technology is relatively new and is
being spearheaded by global firms like Taisys Solutions and Digitech
Communications.
The special SIM card allows users to access
financial services and make cheap international phone calls by diverting
traffic from the parent network to the carry-on SIM.
Equity Bank is planning to the issue special SIM
cards to its customers for free, allowing them to not only access an
array of financial services but also make and receive calls on Equity
and competitor networks simultaneously.
This means subscribers from the four mobile
operators who want to join Equity’s network without changing their
preferred numbers will do so by simply slipping on the new card on the
back of the existing one.
The 31.3 million Kenyan mobile phone subscribers
will be spared the hustle of buying new handsets from which to operate
the new Equity lines.
The interoperability is expected to offer Equity
an entry point in a market where consumers have proved difficult to move
from preferred networks.
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