Airtel Kenya has signed money transfer accord with I&M Bank, a commercial bank in Kenya, to improve access to mobile financial services in the country.
The agreement will see mobile money wallets of Airtel Money users, who are also I&M Bank customers, linked to their bank accounts.
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The partnership will enable users to withdraw money from their bank accounts into their Airtel Money wallets or send money from their Airtel Money wallets to their I&M Bank accounts automatically.
Through this deal, customers can carry out two types of real-time money transfers, either from Airtel Money to I&M Bank accounts or vice versa.
The minimum transaction amount per single transaction is KES100, while the maximum amount is KES70,000 and cumulative limit for daily transactions is KES140,000.
In order to transfer money to their I&M account from Airtel Money wallet, customers will be charged a fee of KES30 per transaction, while transfers to Airtel Money from an I&M Bank account will cost KES35.
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By GlobalDataAirtel Kenya CEO Adil El Youssefi said: "The partnership with I&M Bank will strengthen our ongoing efforts to improve access to financial services for our customers.
"Our aim is to deliver simple and innovative solutions that make it easy for our customers to bank, send and receive money in a secure, fast and convenient way at lower rates that also saves them money in comparison to other available alternatives."
I&M Bank CEO Arun Mathur said: "We are therefore proud to partner with Airtel Kenya to offer Airtel Money services on I&Mobile, our mobile banking platform."
