Airtel Kenya has partnered with United Bank of Africa (UBA) to grow mobile banking services through Airtel money. the telecommunication giant is trying to increase its customer base in the country.
Airtel Kenya has begun an initiative to collaborate with United Bank of Africa (UBA) to provide mobile banking services to customers in the country. The telecommunications company is hoping that the subscribers and the clients in the bank will use their networks to transfer and receive money among other transactions. In the deal, the two will provide virtual savings accounts for the customers in a product called ‘Akiba Mkononi’ or ‘savings at hand’ in English. The subscribers of the network will access their finances through their mobile device. They will enjoy banking services with the bank on their mobile phones as well.
Akiba Mkononi will allow Airtel subscribers to save money on the mobile wallets on accounts on the UBA bank. The bank has placed a 7% per annum interest rate on the savings. The customers will enjoy full usability of the platform and they added value of the platform would bring a new dimension in the mobile banking sector. The saving scheme enables the customer from as low as Sh 5 to Sh 140,000 on a daily basis. In order to access the service customers on the network will dial *368# from their mobile phones on Airtel network.
The platform allows the subscribers to transfer funds from the UBA account to Airtel money and vice versa, in addition the customers can enquire for balances, view account statements and make instant airtime purchases. There is an initiative to launch a new Airtel money PESA card, which is powered by UBA bank. This feature will allow all the customers to withdraw money from over two million Visa and ATMs across the world. The cards will also allow the customers to pay for goods and services in VISA accepted places in the world.