UPDATE 1-Kenya's Equity Bank, Safaricom team up to expand digital banking [Reuters (UK)]
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Source: Reuters
Kenya's Equity Bank, Safaricom team up to expand digital banking - Reuters 3 Min Read NAIROBI (Reuters) - Equity Group, Kenya’s second biggest bank by assets, on Monday signed a partnership agreement with telecoms operator Safaricom to expand their digital financial businesses. Safaricom owns M-Pesa mobile financial services and Equity has been trying to compete against it by developing its own digital financial platforms. The two companies had already teamed up nine years ago to launch the world’s first mobile banking application, M-Kesho. But this failed when the two groups fought over commission-sharing and other issues. After this, Safaricom went on to strike deals with Equity’s rivals, CBA Group and KCB, allowing both banks to lend to customers and take deposits via the M-Pesa platform. Both companies had learned valuable lessons from that experience, their CEOs said. “We were young and not very experienced. We are now more experienced and hopefully wiser,” James Mwangi, Equity G
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