KCB Bank Kenya customers operating businesses will now be able to receive payments from Airtel Money customers into their tills, marking the latest interoperability partnership that seeks to bring convenience.
The partnership allows Airtel Money customers to make payments directly to KCB merchants’ tills through the Lipa na KCB service. This mirrors the same arrangement that Safaricom’s M-Pesa has with the bank.
Lipa na KCB service enables merchants to receive payments from multiple payment platforms through a single till number and settle funds into their bank accounts instantly.
KCB Bank Kenya managing director Annastacia Kimtai said the partnership will create an efficient payments ecosystem that supports high volume transactions of low value.
“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,” said Ms Kimtai.
The partnership is part of the country’s National Payments Strategy 2022 – 2025 through which the Central Bank of Kenya introduced interoperability. This saw Airtel Kenya, Safaricom and Telkom Kenya allowing customers to send and receive money across their networks.
“This collaboration [with KCB] 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,” said Anne Kinuthia-Otieno, managing director at Airtel Money.
The telco said without giving details that Airtel Money customers making payments to KCB paybills will enjoy lower transaction charges as compared to the current market rates.
Airtel is counting on the ongoing network expansion efforts across the country to take mobile money services closer to customers and enhance convenience.
