Airtel Money Kenya has gained the Central Bank of Kenya’s (CBK) nod to raise its daily transaction limit from KSh 300,000 to KSh 500,000. This decision mirrors Safaricom’s recent move to elevate its mobile money service, M-PESA, to the same limit.
Anne Kinuthia-Otieno, Managing Director of Airtel Money in Kenya, lauds the increase as a positive step, stating its economic benefits. The shift will offer customers and partners more flexibility for larger transactions and enhanced financial management.
Businesses can operate more conveniently, and consumers can access a wider range of goods and services, contributing to Kenya’s economic growth and stability.
Anne Kinuthia-Otieno, Managing Director, Airtel Money in Kenya
However, Airtel Money users are limited to sending KSh 150,000 per transaction.
With a 3.4% market share in Kenya’s mobile money sector, Airtel secures second place after Safaricom’s dominant 96.5% with M-PESA. Telkom Kenya’s T-Kash holds a 0.1% share.
Airtel Kenya aims to triple its mobile money agents and reach 120,000 agents by the end of 2023. Yet, Kenya’s mobile money subscriptions slipped from 38.6 million in the previous quarter to 38.4 million in March 2023, with a penetration rate of 76.0%, down by 2.2% from the last quarter due to decreased service activity.
In October 2022, Airtel Kenya formally separated from its mobile money business, Airtel Money. The CBK highlights how this change benefits payment service providers (PSPs) by allowing them to safeguard CBK-regulated activities from disruptions linked to other commercial ventures.
