Equity Bank- Equitel (C+P)

Equity Bank is on the spot for inflating the number of customers on its mobile money service Equitel.

Data from the latest industry report by Communications Authority of Kenya (CA) shows the bank inflated the number of subscribers.

“Finserve Africa Limited registered a total of 1.4 million mobile subscriptions, down from 2.2 million subscriptions posted in the previous quarter, translating to a decline of 34.5%” says CA in the report covering the second quarter of the 2006-17 financial year.

During the firm’s investor briefing where it released its full-year results last month, the lender reported that Equitel had grown subscriber numbers by 40%.

“The uptake of Equitel in the period under review increased from 1.6 million customers to 2.7 million as at December 31, 2016,” said the bank in its financial report.

In the recent filings to CA, however, Equitel has been forced to restate the number of customers on its network, a move that has seen the firm’s market share also revised downward.

[SIZE=6]Well this is awkward o_O

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Equity marketing ploy

Hehehehe, have investors punished its stock price. If this is true, Mwangi anafaa kuanza his exit

I saw the title and came rushing to see if there is some serious bad news about the Equitel Service… sasa nimetulia

Biashara si mchezo

Why inflate subscription? Shareholders should be very wary.

:smiley: How and why did you recall this?

Si ni juzi tu walisema wako na mobile money market share ya over 20%?

Yes its true. Check below Communication Authority report.

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I have zero tolerance for bullsh!t

I blame the CMA for this. Publicly traded companies should be heavily fined for peddling false information like Shell once was for overstating ‘prospective oil reserves’ on one of it’s mines to prop the share price.

Anyway, equity is still a very good company and having disbursed 84% of it’s loans via the platform that shows it is very way in pace with adopting and keeping up with technology