Airtel Money is set to begin its operations as Airtel Money Kenya Limited, officially splitting from its parent company Airtel Networks Kenya Limited.
This was announced by the Central Bank of Kenya (CBK), as a journey that started in 2019.
“CBK welcomes this milestone. The completion of this restructuring enables AMKL to ring-fence its operations and focus exclusively on its mobile money business.”
Significantly, this establishes the framework for AMKL to enhance governance over its mobile money business, develop its operations, and offer better services to its clients.
CBK licensed AMKL as a Payment Service Provider (PSP) in conformity with the National Payment System Act, 2011 on January 21, 2022, and also granted a transition period to complete the transfer.
Both AMKL and ANKL are independent Airtel Africa Plc companies that were both incorporated in Kenya (Airtel Africa).
With operations in 14 countries across Africa, Airtel Africa is based in Dubai, United Arab Emirates, and is traded on the London Stock Exchange.
To make sure that the activities under CBK’s management are adequately ring-fenced from other business lines, CBK has hired PSPs.
This initiative would make it easier to realize the goal of “a secure, quick, efficient and collaborative payments system that encourages financial inclusion and innovations that benefit Kenyans” as stated in the National Payments Strategy 2022–2025.
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