CENTRAL BANK OF KENYA
Address by
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Wednesday, September 3rd, 2008

Mr. Peter Munga, Chairman of the Board of Directors
of Equity Bank Ltd.;
Dr. James Mwangi, Managing Director and Chief Executive Officer
of Equity Bank Ltd.;
Board Members here present;
Distinguished Guests;
Ladies and Gentlemen:
I am delighted to be here this afternoon on the occasion of the launch of
Equity Bank’s mobile phone banking service. Today indeed marks yet another
landmark event on Equity’s chequered path. I am therefore grateful for the
invitation to share in this occasion.
Let me at this early juncture commend the Board, management and staff of
Equity on the introduction of the mobile phone banking service that I will be
launching shortly. The service provides an EAZZY 24/7 Mobile Phone Banking
solution to your customers as they shall literally be carrying their accounts in
their hands (‘’Benki Yangu Mkononi’’). This is indeed a revolutionary solution
that will provide the following four key benefits:-
1. Convenience: The launch of mobile phone banking is a step towards
making financial services accessible to all Kenyans who have access to a
mobile phone. This is a revolutionary mobile solution that delivers
mobility, convenience and security to the bank’s existing as well as
prospective customers. It will leverage on the strong mobile penetration
both locally as well as globally and essentially the affinity of mobile devices
to the consumer. Customers will be able to generate value from wireless
transactions anytime anywhere.
2. Banking the unbanked: With 11 million Kenyans having access to a
mobile phone, and only approximately 4.5 million banked, the new solution
offers an avenue to push forward the access frontier in Kenya. This effort
will bring more Kenyans into banking solutions.
3. Beyond banking; financial solution: This banking solution will allow
for the use of a mobile phone to perform various other services beyond
funds transfer. Customers will be able to pay for services, manage their
accounts, provide airtime top-ups and execute other service requests.
4. Opening new economic frontiers and supporting Vision 2030:
This service will contribute to economic expansion for Kenyans, especially
the small and medium enterprises. By accessing financial services easily
and affordably, Kenyans will be better equipped to support their

enterprises. The success of the small and medium enterprise sector
undoubtedly lies at the heart of the realisation of Vision 2030.
The four benefits provide us with a solution to Kenyans who view banks as
expensive, have barriers to entry and have high transaction costs of
maintaining accounts. What Kenyans need is access to bank accounts where
they can save and transact easily. This move by Equity indeed answers to that
challenge.
The Central Bank welcomes such innovations by the banking sector and is
committed to the creation of an enabling regulatory environment towards this
end. I would therefore urge the banking sector to seek innovative ways of
leveraging on existing technologies and infrastructures to provide affordable
and inclusive financial services to Kenyans.
Mr. Chairman, Kenya can not develop, or even realize the aspirations of vision
2030, if the majority of Kenyans at the bottom of the economic pyramid lack
access to financial services such as savings, credit, payment/remittance
systems, money transfers, insurance and pension. The example Equity Bank
has shown here today takes us steps towards realization of this goal. These are
steps to emulate for the growth and development of our financial sector.
Ladies and Gentlemen: It is now my honour and pleasure to declare
the Equity Bank Mobile Phone Banking Service Officially
Launched.
Thank You.