Mr Bonke and Mr Tobe at the launch
By Fred Oluoch
Kenya’s second-leading mobile service provider, Airtel, has come up with two products that is set to shake the country’s telephony market.
First, Airtel on August 3 launched CashBack services in which all Airtel Money users are now to get back 50 percent back on eligible transactions, including paybill payments, sending money to other mobile money networks, bank transfers to wallet and transfers of money to bank accounts.
The launch of CashBack at Ole Sereni Hotel in Nairobi, is a daring move by Airtel, whose Airtel Money has been trailing Safaricom’s M-Pesa, which dominates the digital money market. According to the latest available data from Kenya’s communications regulator, M-Pesa currently leads with a market share of 89 per cent, while Airtel Money follows with 11 per cent.
The cashback programme is available to all registered Airtel Money customers in Kenya who complete qualifying transactions of KES 101 or more, with no opt-in required.
Initially, had airtime rewards known as Rudishiwa, which has now graduated to real cash rewards that go into the subscriber’s cashback wallet for every eligible transaction.
The second product is known as Bizna Wallet, which separates personal from business wallets for ease of management. The management says that these two products are targeting small and medium size businesses (SMEs) that make up 90 percent of the country’s economy and one-third of the GDP.
Kenya’s SMEs are rapidly embracing digital payments. According to the Mastercard SME Confidence Index, 95 per cent now accept mobile payments, reflecting growing demand for financial solutions that go beyond simply receiving money.
Bizna Wallet responds to this shift by giving entrepreneurs a dedicated business wallet to better manage cash flow while strengthening confidence in digital transactions.
This is a dedicated business wallet designed to help Kenya’s small businesses better manage their finances through a simple, secure and efficient digital solution.
Airtel Money Kenya Acting Managing Director, Michael Bonke said Airtel Money Bizna Wallet is developed to address the practical financial management needs of Kenya’s growing small business community.
Airtel Money Bizna Wallet is designed for kiosk owners, market traders, boda boda riders, matatu operators and other micro-businesses to enable them to separate business income from personal finances, monitor their daily sales, access mini statements, receive payments across mobile money networks and protect business payments from unauthorised reversals, giving entrepreneurs greater visibility over their cash flow and more stable business operations.
“Small businesses are at the heart of Kenya’s economy, yet many entrepreneurs still rely on personal wallets to manage business finances. Our goal is to provide solutions that help businesses operate more efficiently while making digital financial services more accessible and rewarding,” said Mr Bonke.
According to Airtel Kenya MD, Djibril Tobe, these two products are a response to the market forces as Kenya’s digital economy continues to grow; so do the needs of businesses and consumers.
“At Airtel Money, we are continuously investing in technology, expanding our reach and developing innovative solutions that make financial services simpler, more secure and more relevant for our customers,” said Mr Tobe.
