KCB Bank Kenya and Airtel Money Kenya Limited have announced an interoperability partnership.
Through the Lipa Na KCB service, Airtel Money customers can now make payments directly to KCB merchants’ tills. This marks a key milestone in achieving secure, fast, efficient, and collaborative payment systems that support financial inclusion and innovations.
It is also geared towards implementing full interoperability in the payments industry, as envisioned by the country’s National Payments Strategy 2022 – 2025.
KCB Bank Kenya Managing Director Annastacia Kimtai noted that the move is part of the Bank’s promise to create an efficient payments ecosystem that will accelerate financial inclusion through a new model centred on low-value, high-volume transactions.
“Reaching critical mass will require mobile money ecosystems to become more dynamic and productive and such a move will enable us to scale our offering while giving customers the freedom to empower themselves,” Kimtai said.
Kenya’s evolution of mobile money interoperability
Airtel Money Managing Director Anne Kinuthia-Otieno attributed the partnership to the evolution of mobile money interoperability, which now provides customers with limitless choices for conducting their 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. 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,” she said.
KCB’s non-branch solutions have continued to prove pivotal in delivering outstanding performance for the bank.
For the period ended December 31, 2023, the bank recorded 99% of transactions conducted through non-branch channels.
Additionally, the bank recorded a 31% year-on-year increase in the value of transactions through digital channels to KShs. 6.4 Trillion.
