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Airtel Money

Airtel and Mastercard new spinoff stirs African remittances space

Money Deals

Competition in the remittance space has intensified with the entry of new players as the race for a share of the annual $95.6 billion in cross-border remittances flowing into Africa heats up. Airtel Africa has partnered with MasterCard to unveil a new service for cross-border remittances. Their deal will see customers in Kenya and 14 other African nations become the first beneficiaries of the service.

Airtel Africa and MasterCard will provide a seamless digital experience for consumers, connecting them with millions of peers worldwide. With a mushrooming diaspora community, remittances are now the largest source of forex in many African economies.

Airtel Kenya blames Safaricom, CA for its financial woes

Kenya

Airtel Network Kenya, the second biggest telecommunications network, saw shareholder loans from its holding firm, Bharti Airtel Kenya BV, rise by 12.01 per cent from sh46.6 million in 2020 to sh52.2 million in the year ending December 2020.

The causes of the financial losses have been additional lending, forex losses as the shilling depreciate, and postponement in paying interests.
Capitalization interest due to being paid stands at Sh1.34 billion, which has disrupted cash flow in the firm.

Airtel Kenya said that the issued shareholder funds, revenue generated from its operations, and borrowing from external lenders had kept the company afloat.