The partnership between KCB Bank Kenya and Airtel Money Kenya Limited has been extended, with the latter seeking to introduce its Lipa Na KCB service, which will enable Airtel Money customers to make direct payments to merchants at KCB. This move considerably consolidates Kenya's mobile phone payment environment, further entrenching the realization of the National Payments Strategy 2022-2025 on shared financial inclusion and innovation.
Simplifying Mobile Transactions for Airtel Money Users
It means Airtel Money subscribers will enjoy seamless transactions without necessarily having to transfer money between different networks, hence faster and more efficient. Interoperability between the Airtel Money users and KCB merchants upscales convenience, cuts the costs of transactions, and consolidates Airtel Money's commitment to affordable mobile money services in Kenya.
We are excited about this partnership with KCB, which will allow our customers to conveniently make payments using their Airtel Money wallets. This move is in line with our ambition to improve customer experience and advance financial inclusion through innovative solutions," said Anne Kinuthia-Otieno, Managing Director of Airtel Money.
Supporting Financial Inclusion and Innovation
Annastacia Kimtai, KCB Bank Kenya Managing Director, reiterated the need to drive a vibrant mobile money ecosystem. She added that the deal is aligned with KCB's strategy to focus on high-volume, low-value transactions that facilitate financial inclusion.
"The point of critical mass can only be accomplished when mobile money systems are dynamic and efficient. This arrangement allows us to upscale our offers while customers are well empowered to be more flexible in payments with ease of access," said Kimtai.
Enhancing Digital Payments
The partnership forms one of the major steps toward improving mobile money interoperability in Kenya. The KCB witness for 2023 tremendous growth in non-branch digital solutions, with 99% of its transactions being conducted on digital channels valued at $49.61 billion. In such a collaboration, adoption of digital payments in Kenya could increase; especially, more customers will benefit from lower transaction fees upon using Airtel Money for KCB paybills.
The smooth integration between the Airtel Money and KCB merchants will ultimately translate to an easily accessible, efficient, and cost-effective avenue for customers and businesses alike to manage transactions, hence catalyzing Kenya's journey to an inclusive financial system.