The Central Bank of Kenya on Tuesday announced the separation and transfer of Airtel money from mobile service provider Airtel.
In a statement, the CBK said separation began in 2019 and Airtel money will now operate under Airtel Money Kenya Limited (AMKL).
"The completion of this restructuring enables AMKL to ring-fennce its operations and focus exclusively on its mobile money business. Significantly, this sets the foundation for AMKL to enhance governance over its mobile money business, strengthen its operations and offer better services to its customers," the Central Bank said.
"CBK licensed AMKL as a Payment Service Provider (PSP)in line with the National Payments System Act, 2011 on January 21, 2022, and also granted a transition period to complete the transaction."
Airtel money previously operated under Airtel Networks Kenya Limited (ANKL).
The separation means AMKL AND ANKL will operate as subsidiaries of Airtel Africa.
The companies previously operated as one entity that provided both mobile money and telecommunication services, which will no longer be the case.
