Coming at a time when mobile money transfer has become an economic power to a majority of Kenyans, the development will ensure seamless mobile money interoperability
Airtel Money customers can now receive money directly into their mobile money wallet from any network without a withdrawal code that carried seven-day validity.
Rolled out on February 6, 2024, the development comes in response to the Central Bank of Kenya (CBK) and industry players collaborative efforts to ensure seamless mobile money interoperability.
The CBK National Payments Strategy 2022-2025 requires all mobile money providers to ensure a seamless customer journey across their different channels. It means Airtel’s Sim menu, USSD menu and app will allow on-network and off-network direct transactions across all mobile networks. This will be to ensure a secure, fast, efficient and collaborative payments system that supports financial inclusion and innovation that benefits Kenyans.
With these changes, a customer registered on any mobile money platform can send money directly to the recipient’s wallet. The same applies to any amount as low as Sh1 and as high as Sh250,000 per transaction daily.
A customer sending money through the Sim Menu, USSD Menu *334# or the App will simply select “send money” to any network, enter the number of the recipient to complete the transaction which will immediately reflect in the wallet of the recipient – without a withdrawal code.
“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,” Airtel Money managing director, Anne Kinuthia-Otieno, said.
“Sending Money is the biggest use case in Kenya and having a seamless, direct wallet to wallet transfer of money across networks is a big benefit to Kenyans. This is a sign of customer centricity, growth and innovation in the industry,” she added.
Airtel Kenya managing director Ashish Malhotra said that the move is a major benefit for Kenyans as they can now enjoy the convenience of real-time transactions which has cut out limiting user intermediary steps.
“In addition, the mobile money market will expand by allowing easy movement of money and enhancing financial inclusion for all. I would also like to thank the Central Bank of Kenya (CBK) for the steps taken to ensure a smooth transition on the new guidelines,” Malhotra said.
He added that 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.
