Airtel Money customers in Kenya can now receive money directly into their mobile money wallet from any network without the withdrawal code that carried 7-day validity after collaborate efforts between the Central Bank of Kenya (CBK) and industry players.
The move was effected on February 6, 2024 to ensure seamless mobile money interoperability as outlined in the CBK National Payments Strategy 2022-2025 which requires all mobile money providers to ensure a seamless customer journey across their different channels – Sim Menu, USSD Menu and App to allow on-network and off-network direct transactions.
According to Airtel Money Managing Director, Anne Kinuthia-Otieno said,“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. 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.”
Kinuthia-Otieno added that the move is a sign of customer centricity, growth and innovation in the industry. Airtel Money is the only player in the market offering free Airtel to Airtel money transfers, zero free transaction fees on KPLC payment, instant reimbursement of cashout fees as airtime among many other benefits.
A customer sending money through the Sim Menu, USSD Menu *334# or the App will now 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 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.
“This 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) on the steps taken to ensure a smooth transition on the new guidelines.” said Airtel Kenya Managing Director Ashish Malhotra.