Airtel Money customers can now receive money directly into their mobile money wallet from any network without the withdrawal code that carried 7-day validity.
- The development effected on February 6, 2024 is in response to the Central Bank of Kenya (CBK) and industry players collaborative efforts to ensure seamless mobile money interoperability as outlined in the .
- The CBK National Payments Strategy 2022-2025 requires all mobile money providers to ensure a seamless customer journey across their different channels.
- These include Sim Menu, USSD Menu and App to allow on-network and off-network direct transactions.
A customer registered on any mobile money platform can now send money directly to the recipient’s wallet. This will apply to any amount as low as Kshs 1 and as high as Kshs 250,000 per transaction daily.
“The new streamlined process supported by the Central Bank is very welcome and a big benefit to Kenyans as customers will now enjoy seamless experience at affordable costs when sending money across networks – regardless of the channel they are using,” said Airtel Money Managing Director, Anne Kinuthia-Otieno.
The power of interoperability demonstrates how collaborative efforts among mobile money operators, regulators and the government can drive comprehensive, customer centric and reliable financial services for all.
According to Communications Authority of Kenya’s Quarter One 2023/4 Financial Year Report, mobile money subscriptions stood at 38.1 million, translating to a penetration rate of 75.2 percent, which was an increase of 0.1 percentage points from the last quarter’s penetration rate.
While Safaricom’s MPESA is still the biggest player in the mobile money sector, Airtel’s subscriber numbers grew in 2023, while Safaricom lost 200, 000 subscribers.
Safaricom records 3.1m mpesa customers in Ethiopia (kenyanwallstreet.com)
