Airtel Money has made it possible for customers to receive funds directly in their mobile wallets from any network without needing a withdrawal code, which previously had a 7-day limit. This improvement is a result of the cooperative work between the Central Bank of Kenya [CBK] and various industry participants, aiming to achieve seamless mobile money transactions as advocated by the CBK’s National Payments Strategy for 2022-2025.
This strategy mandates all mobile money services to provide an effortless experience for users, whether they are transacting within the same network or across different ones, through various channels such as SIM, USSD, and mobile applications. This approach is designed to foster a secure, rapid, and efficient payment environment that promotes financial inclusivity and innovation, benefitting the Kenyan populace.
Now, users of any mobile money service can send funds directly to someone else’s wallet, for transactions ranging from as little as KES 1 to KES 250,000 per day.
To send money, a user simply selects the ‘Send Money’ option to any network, inputs the recipient’s number, and completes the transaction, which is immediately reflected in the recipient’s wallet, eliminating the need for 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 ”. commented Anne Kinuthia-Otieno, the Managing Director of Airtel Money.
Ashish Malhotra, the Managing Director of Airtel Kenya, echoed these sentiments, noting the significant advantages for Kenyans, such as the convenience of instant transactions and the elimination of intermediate steps. He also acknowledged the Central Bank of Kenya’s efforts in facilitating a smooth transition to the new guidelines.
This move towards interoperability illustrates the significant impact that collaboration among mobile money providers, regulatory bodies, and the government can have in creating a more inclusive, customer-focused, and reliable financial service landscape for everyone.