The service, available to all Equity Bank customers with Airtel lines, will enable customers from both Airtel and Equity Bank to access Airtel mobile banking platforms, perform agency cash transactions at Equity Bank branches and also enable Airtel services customers to withdraw money at any Equity Bank countrywide.
Airtel Money will also enable customers to pay their utility bills, receive bank transaction alerts, check account balance and receive mini statements, among other services.
Speaking at the launch, Equity Bank Group CEO Dr. James Mwangi said: “We are pleased to enter into this agreement with Airtel, which will further strengthen our commitment to extending financial inclusion across East Africa by enabling the un-banked and under-banked to enjoy the benefits of mobile payments, while also giving us the opportunity to better serve Airtel customers.”
“We shall continue to strengthen our business model through innovation, enhanced use of technology, automation for a better customer experience and collaborations with industry stakeholders such as Airtel,” said Dr. Mwangi.
“This partnership with Equity Bank marks yet another milestone in deepening the accessibility of Airtel Money to our customers throughout Kenya. The 203 Equity branches and 600 Equity Bank ATMs, will complement our 10,000 Airtel Money agents spread across Kenya thus making it easier and more convenient for customers to have guaranteed access to Airtel Money deposit and withdrawal of cash,” said Mr. Shivan Bhargava, Airtel Kenya Managing Director .
While emphasizing that Airtel believed in the delivery of innovative and relevant mobile commerce solutions that make life easier for its customers, Mr. Bhargava also added that they will continue to educate their customers on the benefits of using Airtel Money mobile commerce solutions including the product’s convenience and ease of use.
“Equity Bank and Airtel Money have a shared commitment in ensuring financial inclusion from many in Kenya and beyond. I’m certain that this relationship will in the days to come empower more people in the larger East Africa region where Equity Bank is operating,” said Mr. Bhargava.
Airtel Money is fast becoming the preferred way of sending and receiving money across the Kenya and the region with customers widely using to pay utility bills such as electricity, water and pay-television subscriptions. The process is fully automated and reflects in real time providing customers with a faster and more secure mode of carrying out their transactions.
Airtel ventured into the local mobile commerce business two years ago and now has a vast dealer network of more than 10,000 agents which include banks, bank agents, supermarket chains and Posta outlets.
The partnership with Equity Bank will also help drive mobile money adoption in sub-Saharan Africa where Airtel Money has expanded to 16 operating countries and demand for provision of convenient financial transaction processing services for governments, corporations and institutions across is rising.