KCB Bank Kenya and Airtel Money Kenya Limited have announced an interoperability partnership where Airtel Money customers will now be able to make payments directly to KCB merchants’ tills through the Lipa Na KCB service.
The collaboration is expected to streamline mobile payments, making them more accessible and efficient for businesses and consumers alike.
This partnership aligns with the goals outlined in the National Payments Strategy 2022-2025, which seeks to create a secure, fast, and efficient payment system that fosters financial inclusion.
It also marks a significant milestone in the ongoing efforts to implement full interoperability in Kenya’s payments industry.
KCB’s Vision for an Inclusive Payment Ecosystem
KCB Bank Kenya’s Managing Director, Mrs. Annastacia Kimtai, emphasized that this collaboration is part of KCB’s broader vision of creating an efficient payment ecosystem.
She highlighted that this model is centered on low-value, high-volume transactions, which are instrumental in accelerating financial inclusion across the country.
“Reaching critical mass will require mobile money ecosystems to become more dynamic and productive,” Mrs. Kimtai explained. “Such a move will enable us to scale our offering while giving customers the freedom to empower themselves.”
Airtel Money’s Commitment to Seamless Transactions
Airtel Money Kenya Managing Director, Mrs. Anne Kinuthia-Otieno, praised the partnership, noting that it represents a significant evolution in mobile money interoperability.
This collaboration gives customers more choices and flexibility when conducting mobile transfers and payment transactions.
“We are thrilled about our partnership with KCB, which allows our customers to seamlessly transact through their Airtel Money wallets,” Mrs. Kinuthia-Otieno stated. “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.”
KCB’s Stellar Performance in Non-Branch Channels
KCB’s commitment to digital innovation is reflected in the bank’s performance. By the end of December 2023, 99% of KCB’s transactions were conducted through non-branch channels.
Additionally, the bank saw a 31% year-on-year increase in the value of transactions made through digital channels, amounting to KShs. 6.4 trillion.
This new payment option adds to KCB’s extensive suite of digital services, ensuring that more customers can transact efficiently and securely, further bolstering the bank’s position as a leader in Kenya’s financial sector.
How to Use Airtel Money for KCB Payments
To take advantage of this partnership, registered Airtel Money customers can easily follow a few simple steps to make payments to KCB merchants. Here is the process:
- Via USSD:
- Dial *334#.
- Select “Paybill and Till Payment”.
- Select “Paybill”.
- Enter the paybill number: 522533.
- Enter the account number as displayed at the merchant’s outlet.
- Enter the amount.
- Confirm the transaction with your PIN.
- Via the My Airtel App:
- Launch the My Airtel App.
- Select “Paybill”.
- Enter the paybill number: 522533.
- Enter the account number as displayed at the merchant’s outlet.
- Enter the amount.
- Confirm the transaction with your PIN.
Lower Transaction Charges for Airtel Money Customers
Airtel Money customers making payments to KCB paybills will enjoy lower transaction fees compared to the current market rates.
These reduced fees reflect Airtel Money’s commitment to providing the most affordable mobile money services in Kenya.
This cost-effective solution is expected to attract more customers to use the Lipa Na KCB service, contributing to the overall financial inclusivity goals of both companies.
Enhancing Convenience Through Strategic Partnerships
Airtel Money continues to expand its reach across the country by forming strategic partnerships aimed at bringing mobile money services closer to customers.
With this latest development, both KCB and Airtel Money are confident that the interoperability between their systems will allow for seamless payment experiences without the need for users to switch between networks.
This partnership is a win for merchants and customers alike, creating a more dynamic and accessible digital payments environment in Kenya.
