Mr Hoswell Mbugua Njuguna, in a court action, sought an injunction against Equity Bank from using information he says he gave to agents of the bank in confidence to market the product.
In a sworn statement, Mr Njuguna says that he was the author of the original work, which he completed and submitted for registration in July 2006. His work, he said, is titled “Weka Usaidike”.
In August 2006, he says, he confided the idea to two agents of the bank in a bid to negotiate an agreement. But in breach of the confidence, he adds, the bank created a product known as M-Kesho in partnership with Safaricom with characteristics identical to those of the one he had discussed with the agents.
He says that the profits the bank has been making constitute unjust enrichment. Unless stopped by the court, he says, the bank would still use the said information to make profits.
According to recent reports Equity has opened more than 200,000 accounts on M-Kesho since its May launch.