Airtel Kenya targets the expansive network of a section of microfinance banks and other commercial lenders in the country to grow its mobile money business.
Airtel Money said on Thursday that its customers will be able to deposit and withdraw cash across all branches affiliated with Rafiki Microfinance Bank, Access Bank, Bank of Africa (BOA) as well as the Kenya Women Microfinance Bank (KWFT).
“Agents, agents, and more agents! Deposit or withdraw money from your Airtel Money at any Rafiki Bank, Access Bank, Bank of Africa, or KWFT near you,” the firm said in a promotional message to customers.
Seen as an addition to the ongoing aggressive efforts by Kenya’s second-largest telco to magnify the reach of its e-money offering, move comes months after a similar deal with Naivas which allowed the retailer’s branches countrywide to be used as Airtel Money agents.
In the new raft of partnerships, KWFT boasts the largest network of branches at over 229 followed by BOA at over 30 branches, while Access and Rafiki banks have 23 branches and 19 outlets, respectively.
Airtel Money is currently running a cash withdrawal promotion dubbed ‘Rudishiwa Transaction Fee’ that was launched in December 2023, and which sees customers get reimbursed their withdrawal transaction fees in the form of airtime refunds.
Airtel also offers free cash transfers among its clients and only charges for transfers to rival platforms such as Safaricom’s M-Pesa.
Airtel Money’s expansion drive bagged its first boost in 2023 after the Central Bank of Kenya (CBK) gave a regulatory nod to mobile money operators to increase daily transaction limits to Sh500,000 up from the previous limit of Sh300,000.
In February last year, Airtel moved to implement a transactional policy review that scrapped a code that forced customers on the Airtel Money platform to withdraw cash within a week of receipt or see the money revert to the sender.
Latest regulatory data from the Communications Authority of Kenya (CA) shows that Airtel Money’s share of the country’s overall mobile money subscriber base expanded to 8.9 percent as of last December up from 2.9 percent in December 2023, eating into M-Pesa’s share which shrunk to 91 percent down from 97.1 percent during the same period.
