Airtel Kenya has completed the process of separating its mobile money business from the telecommunications arm, with the new entity now operating as Airtel Money Kenya Ltd (AMKL).
“The completion of this restructuring enables AMKL to ring-fence its operations and focus exclusively on its mobile money business. Significantly, this sets the foundation for AMKL to enhance governance over its mobile money business, strengthen its operations, and offer better services to its customers,” the Central Bank of Kenya (CBK) said in a statement.
CBK licensed AMKL as a Payment Service Provider (PSP) in line with the National Payment System Act, 2011, on January 21, 2022, and also granted a transition period to complete the transfer.
Both AMKL and ANKL are incorporated in Kenya as separate subsidiaries of Airtel Africa Plc which is headquartered in Dubai, the United Arab Emirates, has operations in 14 African countries, and is listed on the London Stock Exchange.
Airtel Kenya began the process of separating the two arms of its business in 2019, with Safaricom, the largest telco in the region, expected to do the same following CBK’s years-long push for “customer-centric policies” in the telecommunications industry.