AIRTEL Money and KCB Bank are now keen to depeen financial serives in Kenya, in a partnership that could shake the mobile money landscape in the country.
This is after the two entered into an agreement that anables Airtel Money customers to deposit and withdraw cash at the over 22,000 KCB Agents across the country, in the latest interoperability move in the market.
The collaboration is expected to deepen
financial inclusion by supporting the ongoing efforts by industry stakeholders
to promote interoperability across Kenya’s financial sector, reducing barriers
to financial access, enhancing customer experience and strengthening the
country's digital financial ecosystem.
According to Airtel Money Kenya managing director Anne Kinuthia-Otieno, the collaboration reflects Airtel Money's commitment to making financial services more accessible and convenient for customers across the country.
"By opening access to KCB's extensive agent network, we are bringing Airtel Money services closer to more Kenyans and making it easier for customers to deposit and withdraw money wherever they are. As Airtel Money continues to grow, partnerships such as this help us expand access to financial services while supporting the country's financial inclusion agenda," she said.
KCB Bank Kenya managing director Annastacia Kimtai noted that the partnership reflects the bank’s commitment to leveraging innovation and collaboration to create a more inclusive and interconnected financial services landscape.
“What we are doing is recognising the fact that diverse and interconnected opportunities are still core to the mobile money value proposition. Reaching critical mass will require mobile money ecosystems to become more dynamic and productive and such a move will enable mobile money services to take root, proliferate, and scale up," Kimtai said.
"It is against this background that we are offering our agency network for more Kenyans to strengthen mobile money ecosystems and help the industry mature fully."
Customers will require a valid national identification document and a registered Airtel Money account to access the service. Deposits will be free, while standard withdrawal charges will apply.
KCB’s non-branch solutions, including its agency banking network, continued to play a pivotal role in driving customer convenience, accessibility, and operational efficiency.
Notably, the deal comes as KCB continues to bolster its agency banking capabilities through the acquisition of Riverbank Solutions by bringing on board its robust social payments and Enterprise Resource Planning (ERP) solutions.
As a result, the bank has deepened its digital channels offerings with 99 per cent of transactions being conducted through non-branch channels.
