Airtel Money is becoming a formidable competitor to M-pesa, a mobile money platform that has over 30 million active monthly users.
While Airtel mobile money users are nowhere near that figure, there’s quite a good number of people utilizing their services, mainly because of their friendly transaction fees.
Benefits of using Airtel Money
- Convenience: Transact anywhere, anytime – no need to stand in line at a bank.
- Security: Your money is protected with robust security measures.
- Affordability: Airtel Money offers competitive transaction fees compared to other mobile money services.
- Wide network: Send money to other Airtel Money users and across different networks.
- Accessibility Easily access your funds through a vast network of Airtel Money agents throughout Kenya.
How to register for Airtel Money
Registration is completely free! Simply follow these steps:
- Locate an Airtel Money agent or the nearest Airtel shop: Agents are widely available and can be found in most urban and rural areas. Look for Airtel signage or use the Airtel website to find an agent near you.
- Present your ID for registration: Show your original ID document to the agent. The agent will take down your details and may also take a photograph of you and your ID for registration purposes.
- Complete the registration form: Fill out the Airtel Money registration form provided by the agent. Ensure all information is accurate and matches the details on your ID.
- Activation: Once the registration form is submitted, the agent will process your registration. You will receive a confirmation SMS from Airtel Money, indicating that your account has been activated.
- Set up your Airtel Money PIN: Follow the instructions in the confirmation SMS to set up your Airtel Money PIN. This PIN is crucial for all transactions, so ensure it’s something you can remember but is not easy for others to guess.
You can learn more about securing your mobile money on our latest mobile money scams article.
You still need to activate your Airtel Money account to start using the full range of services.
How to activate Airtel Money in Kenya
After registering for the service, follow the steps below to activate your mobile wallet:
- Dial *334# on your Airtel Money registered line
- Enter the Start PINA start PIN, often used when opening a bank account or a mobile wallet, is a one-time activation code that allows you to access the service so you can... ... you received via SMS after registration
- Enter your new 4-digit Airtel Money PIN
- Confirm your new PIN
- Set your Airtel Money security questions
- Airtel Money is then activated, and you can start transacting.
History of Airtel Money
Airtel Money was launched in the early 2010s, starting in a few African countries and gradually expanding its footprint across the continent.
The service was introduced to cater to the vast unbankedThe term unbanked refers to individuals who don't have access to traditional banking services at formal financial institutions like checking accounts,... population in Africa, providing them with an accessible and affordable platform for financial transactions.
Airtel leveraged its extensive telecommunications network and infrastructure to roll out Airtel Money, capitalizing on the high mobile phone penetration rates in Africa to reach a wide customer base.
Growth and expansion
The expansion of Airtel Money in Kenya has seen various partnerships and developments.
For instance, Airtel Africa has strengthened its partnership with Mastercard, which included the launch of a new remittance transfer service to benefit mobile phone users across the continent.
This service enables Airtel customers in 14 African countries, including Kenya, to send money to and receive funds from wallets in over 145 markets globally.
How Airtel Money Works
To utilize Airtel Money, you first need to have an Airtel SIM card and a mobile device. You register for the service at an agent outlet, which grants you access to an account that operates almost like a bank account but with the convenience of your phone.
After activating Airtel Money, you can access all services via three main avenues:
Note that you are required to enter your 4-digit PIN to authorize transactions via outlets above.Registration and Getting Started
Airtel Money transactions
a) Sending and receiving money
Airtel Money offers a reliable service for you to send and receive funds conveniently across Kenya.
Whether you’re paying bills, remitting money, or transacting with businesses, Airtel Money makes these processes straightforward and secure.
Sending money
To send money through Airtel Money, you simply dial *334# on your mobile phone, choose the ‘Send Money’ option, and follow the prompts.
Transactions are completed instantaneously, and you’ll receive an SMS confirmation code once done. The ease of sending money has been streamlined to ensure you can support friends and family or fulfill business transactions effortlessly.
Receiving money
Other users can send money to your Airtel Money enabled line. All they need is your phone number. They don’t need to be Airtel Money users to send money to you. Other mobile money networks including M-Pesa now allows sending money to other networks
- You will receive an SMS notification whenever someone sends you money on Airtel Money.
- The funds will be automatically added to your Airtel Money account balance.
b) Withdrawing money from Airtel Money
- Visit any authorized Airtel Money agent.
- On your phone, dial *334#
- Select Withdraw Money option
- Enter Airtel Money Agent Code
- Enter amount to withdraw
- Review transaction details
- Then enter your PIN to confirm withdrwal
You’ll receive the cash and a confirmation SMS.
Airtel Money charges
Airtel Money services entail certain charges that you need to be aware of while transacting.
However, deposits into your Airtel Money account are free. Sending money from Airtel to Airtel is also free.
For withdrawals and sending money to other networks, fees apply which tend to vary depending on the transaction amount. Fortunately, Airtel Money offers competitive rates that aim to be wallet-friendly, ensuring your transactions don’t come with an excessive cost.
You can check the current Airtel Money Charges to plan your finances accordingly.
Airtel Money to Mpesa and T-Kash (Other networks)
Interoperability is a key feature of Airtel Money, which allows you to send money to other networks such as Safaricom’s M-Pesa and Telkom Kenya’s T-Kash.
This service is a relief if you need to transfer funds across different networks without worrying about transaction barriers.
With Airtel Money, you can transfer money directly to recipients on these platforms, fostering universal access and inclusivity in mobile banking.
Just follow the same procedure as sending money on Airtel, and select the appropriate network of the recipient.
Business and merchant services
Airtel also caters to businesses by providing comprehensive solutions tailored for businesses seeking efficient cash management and market penetration.
Your transactions are seamless, whether you’re a large corporation or a small business owner.
Paybill and business solutions
With Airtel Money Paybill, your business has the advantage of streamlining revenue collection.
Accepting payments from customers is made easier through your unique business number called the Paybill number. This service not only simplifies the transaction process for your clients but also offers real-time settlement into your account, ensuring you have a constant cash flow.
Managing multiple transactions is more efficient as you can track payments via an online portal, reducing the chances of errors that could arise from manual reconciliations.
As a business owner, this means having more control over your funds and enjoying simplified financial operations.
Airtel Money’s market position
The market position of Airtel Money in Kenya can be characterized by its healthy competition with other players.
While Safaricom’s M-PESA dominates the mobile money subscription space, Airtel Money still maintains a considerable share, with over 1.2 million monthly users.
Reports indicate that Airtel holds a 3.4% market share, securing its position as a key contender in the market and demonstrating a clear resilience amidst stiff competition. M-Pesa market share stands at 95.6% though
Your understanding of Airtel Money’s strategy and growth should include this context of its market share.
