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KCB And Airtel Money Sign Interoperability Partnership
KCB Bank Kenya and Airtel Money Kenya Limited have unveiled an interoperability partnership that now allows Airtel Money customers to make payments directly to KCB merchants’ tills through the Lipa Na KCB service.
The development enhances Kenya’s payment infrastructure, contributing to a secure, fast, and efficient system that supports financial inclusion and innovation as laid out in the National Payments Strategy 2022–2025.
Annastacia Kimtai, Managing Director of KCB Bank Kenya, noted that the action is in line with the bank’s commitment to building an effective payments ecosystem, which would help to accelerate financial inclusion by utilizing a new business model that is focused on high volume, low value transactions.
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“Reaching critical mass will require mobile money ecosystems to become more dynamic and productive and such a move will enable us scale our offering while giving customers the freedom to empower themselves,” Kimtai said.
The partnership has been hailed as a key step in the ongoing evolution of mobile money interoperability in Kenya. Airtel Money users will benefit from seamless transactions without needing to transfer funds across different networks, further simplifying mobile payments. The new service offers more affordable rates, in line with Airtel Money’s commitment to providing Kenya’s most cost-effective mobile money solutions.
“We are thrilled about our partnership with KCB, which allows our customers to seamlessly transact through their Airtel Money wallets. This collaboration underscores Airtel Money’s ongoing commitment to improving customer experience and promoting financial inclusion through innovative partnerships. With the integration of Lipa na KCB into Airtel Money’s ecosystem, customers now have greater flexibility and convenience in paying for goods and services,” Airtel Money’s Managing Director, Anne Kinuthia-Otieno said.
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KCB’s non-branch digital solutions remain essential to its overall performance. For the year ending December 31, 2023, 99 percent of the bank’s transactions were conducted through non-branch channels, with the value of digital transactions rising by 31 percent year-on-year to $49.61 billion This partnership is expected to further increase the usage of such digital payment channels.
This partnership guarantees customers lower transaction fees when using Airtel Money to pay KCB paybills, staying true to Airtel Money’s promise of offering the most affordable mobile money rates in Kenya.