Convergence between banking and telecoms heightens as KCB and Airtel partner to make money transactions easier
KCB Group and Airtel have signed a strategic partnership that will henceforth allow Airtel subscribers to walk into KCB outlets and deposit or withdraw money from Airtel Money. The merge is meant to ease the mobile transactions experience for customers and in the same breathe widen opportunities for customers.
Amid convergence between banking and telecoms, the product is part of the revolutionizing access to finance for millions in emerging market which has grown to be a game changer thanks to technology. According to KCB’s Director Retail Mrs Anastacia Kimtai the new partnership is part of the Bank’s strategy to deepen the provision of innovative products and solutions that meet the dynamic demands of customers in the changing world of technology.
“As the mobile money market becomes more dynamic and competitive, KCB will continue to stay relevant, anticipate shifts in the market structure, and leverage goodwill in the industry to tackle adversities and grow its customer base,” said Mrs Kimtai.
Mobile banking has become an economical power for Kenyans, giving them easier and broader access to financial services. The seamless convergence of mobile money products can provide economies of scale for operators to reach a broader market and enhance competition.
As for Airtel, the new services will deepen the accessibility of Airtel Money to customers throughout the country. This comes as the telecommunication company recently allowed customers to send money across all networks for free, as well as giving subscribers 25 percent bonus on any airtime bought on Airtel Money. This move has seen the number of Airtel money users steadily climb to reach three million.
Airtel has also put emphasis on public education with the launch of the Airtel Money “#insidestoro” awareness campaign that will enable customers to understand the benefits of using Airtel Money among other products being Airtel Money VISA Card, with which customers can deposit and withdraw cash from over 1.8 million VISA ATM’s and transact using Airtel Money at over 30 million visa accepted merchant stores globally.