Airtel Money has recorded an increase in paybill
registrations following the Central Bank of Kenya directive that allowed
network operators to open up their e-wallet for rivals.
For years, Safaricom has dominated mobile money in Kenya,
with competitors struggling to gain traction due to interoperability
restrictions.
Since the opening up of the market, Airtel Money Kenya says
its paybill numbers have risen to two million outlets as at the end of 2024,
with the platform now serving 21 million customers in Kenya.
Airtel Money Kenya Managing Director Anne Kinuthia-Otieno
said the opening up has brought ‘maturity’ in the market. She pointed out that
businesses and individuals who had previously been locked into a single service
provider have found new reasons to explore alternatives.
“Actually what we are
doing is getting out there. And now the beauty is that as we continue to grow,
we are getting people coming to us saying, can we partner with you which was
not the case before,” Kinuthia-Otieno told the Star in an interview.
Data from the regulator, the Communications Authority, shows
that Airtel Money’s market share in terms of subscriptions expanded to 7.6 per
cent in the three months to September 2024, up from 6.6 per cent in June.
Eating a little bit into the base of rival Safaricom’s
M-Pesa, whose dominance shrunk to 92.3 per cent, down from 93.4 per cent.
This has prompted Airtel to increase investments into mobile
money infrastructure across the country.
“Two years ago we had
80,000 agents in this market, and at the end of this first quarter (March 2025)
we are going to have 105,000 agents in the market. We are also looking to set
up exclusive stores in every county,” she said.
Airtel Kenya Managing Director Ashish Malhotra revealed that
the company is considering rolling out between 350 and 700 additional sites,
with an official announcement expected in coming months.
