I choose to look at it from Equity's perspective. It's not about competing with Safcom, but rather solving their own issues.Their main objectives are to :
Retain as much money as possible in-house. (transfers between Equity Bank customers is just an entry in their books, no money actually leaves the bank, thereby growing the heap available for onward lending - their core business!).
De-congest their banking halls. The solution complements what their agency banking network does. It goes a notch higher by allowing deposits from into other non-equity bank accounts.
Lower their operational costs. As with any other automation drive, the solution ideally seeks to enhance efficiency and lower operation costs.
All the other things will come as added benefits either to equity or to the consumers. Equity is simply exploring ways of packaging the solution for wider acceptance, read 'wide agency network', 'no float issues', 'cheaper transaction charges', 'accessible loans' e.t.c.
Theoretically, should other markets across the region evolve in the same manner as has Kenya, equity will leverage on it's Bharti Airtel links to replicate the same move.