(Last Updated On: August 20, 2015)
Equitel is the latest mobile money product to set foot in the Kenyan market. The product of Equity Bank allows you to send money to any bank account, Mpesa, Airtel Money or Orange Money account.
Mpesa is the most popular, so let us look at the charges. When sending money from Equitel to Mpesa you experience two charges. One is from Equitel and the other from Safaricom. Equitel will charge you 1% of the transaction value up to a maximum charge of Ksh27.5, Safaricom will charge you a termination fee which varies on the amount sent. Safaricom increased this charge from the previous fixed amount of Ksh33 since it became cheaper to send large amounts from Equitel to Mpesa than Mpesa to Mpesa. The higher the value of your transaction the more you pay to Safaricom. Here are some of the rates charged from examples of various amounts sent from Equitel to Mpesa
|Amount||Equitel to Mpesa||Old Equitel to Mpesa||Mpesa to Mpesa|
The price increase was also to prevent Equitel from penetrating into the market of Mpesa.