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Kenya: Equity Bank challenges M-Pesa's monopoly with Smart SIM


 According to Equity Bank, customers can now transfer funds, make micro-payments and gain access to other mobile financial services that are agnostic across mobile devices, including traditional basic-feature phones using Taisys's "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. According to Taisys, the SIM can be directly attached the surface of an existing telco-issued SIM, and placed into the mobile device. Taisys's duoSIM can then be used to execute mobile banking transactions, releasing the bank from the limitations of a telco-issued banking SIM.

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