Kenya’s second-largest telco Airtel has also announced that it has received approval from the Central Bank of Kenya (CBK) to increase the daily transaction limits for its customers.
Starting today, Airtel says the increase will be from the current Ksh.300,000 to Ksh.500,000. The limit per transaction will remain at Kes 150,000 and customers can transact multiple times up to the limit of Kes 500,000 daily.
The announcement comes just a day after Safaricom received the same approval from CBK.
“We are elated about the CBK’s decision as this change will significantly empower our customers and partners by providing them with the flexibility to conduct larger transactions and manage their finances more effectively.” Mrs Anne Kinuthia-Otieno, Managing Director of Airtel Money (K) Ltd, said.
Airtel said in a statement the increase in the daily transaction limits is expected to benefit a wide range of Airtel Money customers, including businesses, and government agencies, among others.
“This is a positive step as it has very positive economic benefits for the Kenyan economy,” added Anne.
“Businesses can now conduct their operations more conveniently, and efficiently, and consumers can access a wider range of goods and services contributing to economic growth, job creation, and improved financial stability in Kenya.”
Airtel Kenya’s mobile money market share currently stands at 3.4%. It comes in second after second after Safaricom’sM-PESA which tops share at 96.5%.
Airtel Kenya recently also announced that it has tripled its number of mobile money agents and targets to close at 120,000 agents by the end of 2023.
Last week, Airtel Money also entered into a partnership with Britam and insurtech firm Inclusivity Solutions to provide a suite of these inclusive insurance solutions for customers.
The partnership seeks to extend insurance benefits to millions of Kenyans who have been excluded from such services mainly due to access affordability.