Mobile banking has exploded in Africa and especially in Kenya since the launch of M-Pesa in 2007. In 2014, Safaricom, the telco who owns M-Pesa reported 20 million subscribers. Initially launched for payments/transfer, mobile banking in Kenya has grown to offer saving, loans, wages payment from a mobile device and is becoming mainstream banking. Recently, banks have started to offer mobile banking services as well. Last July, Equity bank launched Equitel, a rival service to M