Airtel Kenya has separated its mobile money from call, data and SMS business to allow the Central Bank of Kenya (CBK) regulate the funds transfer platform. They released a press release to confirm the same.
“We wish to inform our esteemed customers, partners, relevant authorities and the general public that to better serve our customers, we have separated and transferred the Airtel Money Business from Airtel Networks Kenya Limited to Airtel Money Kenya Limited.
Following this business separation, Airtel Money Kenya Limited will take over and continue the provision of the Airtel Money Services, in collaboration with the licensed telecommunications network of Airtel Networks Kenya Limited. The continued use of the Airtel Money Service shall be deemed as proof of the customer’s acceptance of the transfer of their Airtel Money Account and related Customer Data and or sharing of the Customer Data between Airtel Money Kenya Limited and Airtel Networks Kenya Limited”
In an announcement made by the CBK on Tuesday, October 11, the funds transfer platform will now be known as Airtel Money Kenya Limited, while the calls and data subsidiary will be called Airtel Networks Kenya Limited.
The process of delinking Airtel’s mobile money from the telecommunications operations began in 2019, the CBK said.
“The CBK has engaged payment service providers (PSPs) to ensure that the activities under CBK’s supervision are appropriately ring-fenced from other business lines. This will allow the PSPs to protect their CBK-regulated activities from shocks emanating from the other business activities, strengthen governance, enhance resilience and focus on improving its services to customers,” the CBK said in a press statement dated October 11.
Airtel Money Kenya Limited received its operating license in the country on January 21, 2022 in line with the National Payment System Act 2011, said the CBK.
