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AIRTEL MONEY
Introduced in 2011 by Airtel Kenya, Airtel Money has emerged as a pivotal player in the digital money transfer services realm, standing proudly as Kenya’s second-largest mobile wallet. The platform provides a reliable, convenient, and secure platform for digital transactions in the dynamic Kenyan market, underscoring its dedication to customer centricity.
With customers at the heart of its operations, Airtel Money offers a myriad of services that cater to the diverse needs of its users.
Firstly, Airtel Money customers have long enjoyed the convenience of seamlessly managing their Airtel accounts, including withdrawing money from ATMs and cash merchants. A notable development in January 2024 marked a significant enhancement to this experience, with the introduction of a refund in the form of airtime on withdrawal transaction fees. This unique refund policy applies to amounts ranging from as low as KES 50 to a substantial KES 250,000, allowing customers to enjoy enhanced flexibility and cost savings. The scope of this refund policy extends to cover transaction charges, providing users with a remarkable cost-saving advantage of up to 40 percent.
Sending and receiving money within the Airtel network comes with the perk of zero transaction costs, fostering a user-friendly environment for financial transactions. For those making remittances outside the network, Airtel Money ensures that transfer charges remain substantially low.
Topping up on airtime using Airtel Money presents itself as an extremely rewarding experience as customers receive an extra 25 percent in airtime or data. This value addition complements Airtel Kenya’s budget-friendly voice and data products, giving Airtel customers a competitive edge.
When customers make payments for goods and services through Airtel Money, they benefit from fee-free transactions when settling utility bills, including electricity charges. This underscores Airtel Money’s unwavering dedication to providing convenient and cost-effective experiences for its users. Moreover, customers have the flexibility to directly execute mobile money payments to authorised merchants’ till numbers and paybills across various mobile operators and banks, bypassing the need for third-party services.
Late last year, Airtel Money continued to demonstrate its commitment to customer centricity by implementing reductions in transaction charges for mobile money services, such as Paybill, bulk payments, and wallet-to-bank transactions. For instance, customers transferring amounts between KES 70,001 and KES 150,000 now enjoy a reduced fee, paying KES 105 instead of the previous KES 135, reflecting a KES 30 decrease. This initiative solidifies Airtel Money’s enduring commitment to supporting customers, especially in the face of economic challenges.
When it comes to loans and savings, Airtel Money does not fall short. The mobile wallet offers Kopa Cash, a short-term unsecured loan allowing users to borrow amounts ranging from KES 350 to KES 30,000, repayable within a month. On a savings front, Airtel Money presents M-Fanisi, offering an attractive 7 percent per annum interest rate on savings accounts and up to 11.25 percent per annum on fixed deposit accounts. M-Fanisi account holders also gain access to short-term loans, providing a holistic financial ecosystem for users.
Airtel Money goes beyond borders, facilitating international transfers to countries such as Tanzania, Rwanda, Zambia, Malawi, and Uganda, enabling users to send and receive funds affordably. The platform also collaborates with cross-border money transfer services like Remitly, Western Union, and Zepz (formerly WorldRemit), allowing seamless international money transfers from over 200 countries worldwide. This extensive network ensures Airtel Money users can access their funds with unparalleled ease and convenience.
Following its separation from Airtel Kenya in July 2022, Airtel Money has thrived under the strategic direction of Anne Kinuthia-Otieno. Assuming the role of Managing Director (MD) in October of the same year, she demonstrates visionary leadership, guiding Airtel Money with insightful thought leadership. Anne’s influence is a cornerstone in propelling Airtel Money’s customer-centric ethos, evident through the myriad developments and innovative solutions the telco provides.
By operating as a standalone entity, Airtel Money has the flexibility to tailor its services to meet the evolving needs and expectations of its diverse customer base. This move aligns seamlessly with the regulatory oversight provided by the Central Bank of Kenya (CBK), offering a robust framework for governance, optimising financial operations, and ultimately enhancing the quality of services provided to customers. The decision to function independently also ensures that Airtel Money is insulated from potential issues related to its parent company’s broader business activities, reinforcing stability and reliability for an improved customer experience.
Airtel Money is dedicated to empowering individuals and businesses in Kenya by promoting financial inclusion, emphasising heightened affordability as its core attribute. The brand remains committed to prioritising customer centricity in its approach.
