NAIROBI, Kenya July 21 – Airtel Money will now be operated as a separate entity from Airtel Networks Kenya Limited, the telecommunication firm has said.
Following the 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.
“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,” the firm said in a statement.
Further, the firm told its customers that 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.
Airtel began the separation process almost two years ago, Vimal Kumar, Airtel Money CEO said in an interview with an international news outlet noting that regulatory approvals slowed down the process.
The split is expected to see the mobile money unit ramp up more revenues and expand to more markets.
Airtel’s mobile money business made a profit of Sh79 million in the year ended December 2020 with revenues hitting Sh245 million in the period.
The unit is currently valued at about $2.65 billion.
