Airtel and I&M have partnered to link their customers’ bank accounts with Airtel mobile money. The partnership will enable customers to conduct two real-time fund transfers, either from Airtel Money to I&M Bank accounts or vice versa.
Upon entering a code, account holders will perform a transaction after which they will receive notification text messages from both parties. The banking process will also be available on the I&M mobile banking app.
Users will be able to transact up to Sh70,000 and a minimum of Sh100 in the new initiative. Additionally, the firms have set a Sh140,000 daily transaction limit.
To transfer money to their I&M account from the Airtel Money wallet, customers will be charged a fee of Sh30 per transaction while a reverse transaction from an I&M bank account to Airtel Money will cost Sh35.
“With a dynamic industry and stiff competitive environment, the customer is seeking more choice in mobile banking. At I&M Bank we take pride in continually innovating banking solutions for our customers because innovation is one of our key pillars for business,” noted Arun Mathur, I&M Bank’s chief executive officer.
The partnership is in response to the market trend where banks have partnered with telecommunication companies to provide convenient money transactions.
MOBILE MONEY FREEDOM
Today, it takes only a few minutes for a mobile phone owner to complete a direct transaction by sending money or paying bills.
PesaPoint is an example of the interconnection network between mobile money and banks. The automatic machines connect to over 20 financial institutions with over 500 ATM’s countrywide.
Financial technology innovations have provided freedom of transactions among mobile phone owners, who can now remotely check bank account balances, pay wages and acquire mini statements.