Airtel Kenya has announced the separation and transfer of the Airtel Money business from Airtel Networks Kenya Limited to Airtel Money Kenya Limited, a new company that will handle the venture.
In a statement, Airtel Kenya said that Airtel Money Kenya Limited will take over the provision of Airtel Money Services effective July 21, 2022.
“We wish to inform our esteemed customers, partners, relevant authorities and the general public that to better serve our customers, we have separated and transferred the Airtel Money Business from Airtel Networks Kenya Limited to Airtel Money Kenya Limited,” AIrtel Kenya said.
Following this business separation, Airtel Money Kenya Limited will take over and continue the provision of the Airtel Money Services, in collaboration with the licensed telecommunications network of Airtel Networks Kenya Limited.
“The continued use of the Airtel Money Service shall be deemed as proof of the customer’s acceptance of the transfer of their Airtel Money Account and related Customer Data and or sharing of the customer data between Airtel Money Kenya Limited and Airtel Networks Kenya Limited,” Airtel added.
The mobile money payment segment is currently dominated by Safaricom’s M-pesa services which handled more than 95 per cent of mobile money transactions as of March this year.
Out of the Ksh1.3 trillion value of deposits handled via mobile money in the third quarter of the year ending March 31, 2022, M-pesa accounted for Ksh1.2 trillion of the transaction, followed by Airtel Money with Ksh1.5 billion and T-Kash with Ksh84 million.