This archive report was first published on 31 October 2019.
Equitel has taken a significant step in enhancing its services by introducing a new telephony bundle that combines talk-time and health insurance cover. This innovative offering is a result of a partnership between Equitel and Riziki Insurance, a mobile-based insurance product underwritten by Britam.
Launched in March 2018, Riziki Insurance provides daily earnings compensation to customers in the event of hospitalization for three days or more. With this new bundle, customers can enjoy 500 minutes across all networks plus a free Riziki cover of up to Ksh 2,500 per night in case of hospitalization, all for as little as Ksh 1,249 per month.
For a higher bundle valued at Ksh 2,499, customers and their family members will receive up to Ksh 2,500 per day as compensation for any lost income when hospitalized. This comprehensive insurance cover is a result of a partnership between Equitel (Finserve), Equity Insurance Agency, Britam Microinsurance, and Inclusivity Solutions.
As of now, over 280,126 Equitel subscribers are already on Riziki Cover, and the company aims to increase its value offering and attract more subscribers with this new bundle.
Equitel has been recording impressive growth in its services, with a 16% increase in commerce transactions over the last year. The company's money transactions increased from Sh 87 million in 2018 to Sh 101 million as at the end of June 2019, while the value of mobile commerce transactions rose to Ksh 378.9 billion, a 15% increase from Ksh 328 billion processed over the same period in 2018.
Equitel processed over 156 million transactions as at the end of June 2019, valued at Ksh 469.9 billion, compared to 140 million at the same period last year, valued at Ksh 413.4 billion. The company's person-to-person transfers grew by 8% to Ksh 126.5 billion, accounting for 16% of the total Ksh 770.9 billion transferred in June 2019.
