Airtel Money Managing Director Mrs. Anne Kinuthia-Otieno (left) with KCB Bank Kenya Managing Director, Mrs. Annastacia Kimtai during the signing of an interoperability partnership with Airtel Money to support seamless payments in the country.
KCB Bank Kenya and Airtel Money Kenya Limited have announced a strategic interoperability partnership, enabling Airtel Money customers to make direct payments to KCB merchants through the Lipa Na KCB service.
This initiative aims to enhance the efficiency and security of payment systems while promoting financial inclusion in Kenya, aligning with the National Payments Strategy 2022-2025.
KCB’s Managing Director, Mrs. Annastacia Kimtai, emphasized that this partnership is a significant step toward creating an efficient payments ecosystem. She noted that focusing on low-value, high-volume transactions will accelerate financial inclusion and empower customers through improved access to payment solutions. “Reaching critical mass will require mobile money ecosystems to become more dynamic and productive,” she stated.
Airtel Money’s Managing Director, Mrs. Anne Kinuthia-Otieno, highlighted the evolution of mobile money interoperability, stating that this partnership provides customers with limitless options for transactions. “We are thrilled about our partnership with KCB, which allows our customers to seamlessly transact through their Airtel Money wallets,” she said, underscoring the commitment to enhancing customer experience and financial inclusion.
The partnership reflects a growing trend in digital banking, as KCB has reported that 99 percent of its transactions were conducted through non-branch channels for the year ending December 31, 2023. The bank also experienced a 31 percent year-on-year increase in transaction value through digital channels, reaching KShs. 6.4 trillion.
Airtel Money customers can easily access the new payment option through a simple USSD or app journey. To use the service, customers can dial *334# or launch the My Airtel App and follow prompts to complete transactions with the designated Paybill number (522533). Additionally, users will benefit from lower transaction fees compared to existing market rates, in line with Airtel Money’s mission to provide affordable mobile money services.
This collaboration signifies a crucial advancement in the mobile money sector, positioning KCB and Airtel Money as leaders in delivering seamless payment solutions and enhancing customer convenience across Kenya. The interoperability is expected to facilitate smoother transactions and bolster the overall digital economy.