In my opinion what Equity is asking for is for a common platform aka a common account that can be credited and debited by airtel money, yu cash orange money, tangaza etc in the manner that a visa credit card is open game for any merchant, bank etc. This way M-pesa becomes a platform and not a safaricom product.
I actually don't see how Safaricom looses in this scenario. Exponentially more transaction fee collections, Increased dependence by industry players, maintain the intellectual property and ownership of the platform etc.
Maybe they are reluctant due to technological immaturity. I also wouldn't want to embarrass myself after being feted worldwide.