I&M account holders will now be able to “pull” money from their bank accounts into their Airtel Money Wallets or vice versa. This is following a partnership by the two parties in a bid to increase access to mobile financial service and financial inclusion in Kenya.
“With a dynamic industry and stiff competitive environment, the customer is seeking more choice in mobile banking. At I&M Bank we take pride in continually innovating banking solutions for our customers because innovation is one of our key pillars for business,” noted Arun Mathur, I&M Bank CEO.
The new Airtel Money service will offer 2 types of real-time funds transfers as described below; transfer of money from I&M Bank Account to Airtel Money (B2C) and transfer funds from Airtel Money to I&M Bank account (C2B).
To enjoy the B2C service, an I&M account holder will be required to dial *458# from their Airtel Money registered number, enter their Login PIN, reply with option number four (Mobile Money), select Airtel Money, enter recipient’s mobile number (registered on Airtel money) , enter amount to send, select the transacting Bank account, confirm the transaction and submit.
The beneficiary will receive Airtel Money credit alert. You will also receive transaction alert from I&M Bank. This service can also be enjoyed from the I&M mobile banking app, to access I&M Mobile App, download I&M App ( for Android and windows) from your App store. For Apple (iOS) and Blackberry download I&M Mobile from your respective App Store.
To enjoy C2B services, the customer will go to the Airtel money option, select make payments, pay bill, other, they will then input the I&M Bank pay bill number 542542, enter amount to transfer, their pin then on reference they will enter their 14 digits I&M account number and submit, the customer will then receive a confirmation message from Airtel money confirming the successful transaction.
The minimum transaction amount is Ksh. 100 while the maximum amount per single transaction is Ksh. 70,000. Cumulative limit for daily transactions is Ksh. 140,000. To push money to their I&M account from Airtel Money wallet, a customer will be charged a flat fee of Ksh.30 per transaction while pull money from an I&M Bank account to their Airtel Money wallet they will be charged a flat rate of Ksh.35.
With the Airtel Money Pesa Card, Airtel money subscribers are also able to withdraw money from their Airtel Money accounts from over 1.8 million VISA ATM’s worldwide and shop and pay for goods and services using Airtel Money at over 30 million visa accepted merchant stores worldwide.