Airtel Money is expanding its merchant services as it seeks to grow its presence in Kenya’s mobile payments market. The operator plans to introduce additional products for businesses within the next one to two months.
The planned products will build on Bizna Wallet, which Airtel Money launched in August. The wallet allows small traders to separate business funds from their personal money, while customers can make payments ranging from KSh1 to KSh250,000.
Merchants also receive 50% cashback on eligible fees when transferring money to bank accounts or paying bills. Airtel Money has expanded its merchant network as it develops the service, with I&M Bank and Absa joining as merchant partners.
KCB and Naivas have also joined the platform as agency partners. These partnerships come as Airtel Money seeks to increase the services available to merchants beyond basic payment transactions.
The operator is also preparing to expand into other financial products. These include loans, savings, investment products and overdrafts, alongside more partnerships with banks and SACCOs.
Airtel Money’s expansion comes as its share of Kenya’s mobile money market edges upward. Data from the Communications Authority of Kenya shows that Airtel Money accounted for 11.1% of mobile money subscriptions in June, compared with 10.9% in March.
M-Pesa accounted for 88.8% during the same period, while total mobile money subscriptions reached 54 million.
Airtel Money Acting Managing Director Bonke Michael said the company is positioning the service as a second wallet rather than asking customers to leave M-Pesa. The strategy therefore focuses on expanding the range of services available to existing and new users.
Meanwhile, Airtel Africa is advancing plans for a London listing of Airtel Money. The proposed IPO will involve the sale of existing shares rather than raising new capital for the business.
Airtel Africa currently holds 77.85% of Airtel Money. Therefore, the planned listing will take place alongside the operator’s efforts to expand its merchant network and broader financial services.