BUSINESSNews

Airtel removes withdrawal code when receiving money in Kenya


Airtel Money customers can now receive money directly into their mobile money wallet from any network without the withdrawal code that carried 7-day validity.

This development effected on  February 6, 2024 comes in response to the Central Bank of Kenya (CBK) and industry players collaborative efforts to ensure seamless mobile money interoperability as outlined in the CBK National Payments Strategy 2022-2025.

The National Payments Strategy requires all mobile money providers to ensure a seamless customer journey across their different channels – Sim Menu, USSD Menu and App to allow on-network and off-network direct transactions. This will ensure a secure, fast, efficient and collaborative payments system that supports financial inclusion and innovation that benefits Kenyans

With these changes, a customer registered on any mobile money platform can now send money directly to the recipient’s wallet. This will apply to any amount as low as Kshs 1 and as high as Kshs 250,000 per transaction daily.

A customer sending money through the Sim Menu, USSD Menu *334# or the App will now simply select ‘Send Money” to any Network, enter the number of the  recipient to complete the transaction which will immediately reflect in the wallet of the recipient – without a withdrawal code.

Airtel Money Managing Director, Anne Kinuthia-Otieno welcomed the moving noting that it will be a big benefit to Kenyans as customers will now enjoy seamless experience at affordable costs when sending money across networks – regardless of the channel they are using.

”Sending Money is the biggest use case in Kenya and having a seamless, direct wallet-to-wallet transfer of money across networks is a big benefit to Kenyans. This is a sign of customer-centricity, growth and innovation in the industry.” she said.

Airtel Kenya Managing Director Ashish Malhotra added, that the move is a major benefit for Kenyans as they can now enjoy the convenience of real-time transactions which has cut out limiting user intermediary steps.

”In addition, the mobile money market will expand by allowing easy movement of money and enhancing financial inclusion for all. I would also like to thank the Central Bank of Kenya (CBK) on the steps taken to ensure a smooth transition on the new guidelines,” he said.

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Nixon Kanali

Tech journalist based in Nairobi. I track and report on tech and African startups. Founder and Editor of TechTrends Media. Nixon is also the East African tech editor for Africa Business Communities. Send tips to nkanali@techtrendske.co.ke.

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