The service, available to Equity Bank customers with Airtel lines, will enable customers from both institutions 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.
“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 unbanked and under-banked to enjoy the benefits of mobile payments, while also giving us the opportunity to better serve Airtel customers,” Equity Bank Group CEO James Mwangi said.
Airtel ventured into the local mobile commerce business two years ago and has now a dealer network of more than 10,000 agents which include banks, bank agents, supermarket chains and Posta outlets.
“This partnership with Equity Bank marks yet another milestone in deepening the accessibility of Airtel Money to our customers throughout Kenya. The Equity Bank branches countrywide will complement our 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,” Jayant Khosla CEO Airtel Africa- Anglophone said.
Khosla said his company 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,” Khosla noted.
The partnership with Equity Bank, he said, will also help drive mobile money adoption in sub-Saharan Africa where Airtel Money has expanded to 16 operating countries adding that demand for provision of convenient financial transaction processing services for governments, corporations and institutions across is rising.