Airtel Money Kenya has integrated its mobile money platform with Pesalink, a payment system operated by Integrated Payment Services Limited (IPSL). This integration allows Airtel Money customers to transfer funds directly to accounts at 30 banks, SACCOs, and microfinance institutions across Kenya. The service is available through the MyAirtel App or USSD, making it easier for customers to move funds from their mobile wallets to participating financial institutions.
The integration includes an account verification feature that displays the recipient's bank name and account details before a transaction is completed. This feature helps customers confirm payment information, reducing the risk of errors. Customers can initiate transfers through the app by selecting Pay Bill, choosing a bank, entering an account number, and specifying the amount. The service is also available by dialling *334#.
The partnership uses Pesalink's existing payment infrastructure, allowing Airtel Money to connect with participating financial institutions without negotiating separate bilateral agreements with each institution. This integration gives Airtel Money customers access to a wider range of financial institutions through a single payment network. Pesalink connects more than 200 banks, telecommunications companies, fintechs, and SACCOs in Kenya, providing an interoperable network for account-to-account payments.
According to Michael Bonke, Acting Managing Director of Airtel Money Kenya, the partnership with IPSL enables Airtel Money to extend its reach into the broader financial ecosystem through Pesalink. He said the service would make it easier for customers to transfer funds between mobile wallets and bank accounts. This integration is part of Airtel Money's efforts to expand its services and provide customers with more options for managing their finances.
IPSL Chief Executive Officer Gituku Kirika said the partnership would connect banking infrastructure with mobile money platforms and give customers more options for transferring funds. The integration is expected to increase the use of digital payments in Kenya, where mobile money operators and banks are expanding connections across the country's digital payments market.
Airtel Money plans to extend the partnership to include cash-in and cash-out services through its agent network and person-to-merchant payments. Although the company did not provide a timeline for the additional services, the integration with Pesalink is a significant step towards increasing financial inclusion and access to financial services in Kenya.
The integration of Airtel Money with Pesalink is a notable development in Kenya's digital payments market. With Pesalink's extensive network of over 200 financial institutions, Airtel Money customers can now transfer funds to a wider range of accounts, making it easier to manage their finances. This partnership is an example of how mobile money operators and banks are working together to increase access to financial services and promote financial inclusion in Kenya.
Key points
- Airtel Money customers can now transfer funds to 30 banks, SACCOs, and microfinance institutions through Pesalink.
