Airtel company has announced the do way restriction code that is used to force users to withdraw the cash sent to them from other mobile networks within seven days, and the failure to comply would lead to cash reversion to the sender.
In a statement made on Thursday, February 8, the telco said that Airtel Money users can now keep the cash sent in their mobile wallet as much longer as they wish and do the withdrawal at their convenience without any restriction.
Mobile money interoperability
The telecommunication firm further stated that the new convention was realised following a robust collaboration between the Central Bank of Kenya and the industry players, which both observed the need for smooth interoperability as profiled in the CBK, National Payments Strategy 2022/2025
“The development effected on February 6, 2024, comes in a response to the Central Bank of Kenya (CBK) and industry players’ efforts to ensure seamless mobile money interoperability as outlined in the CBK( Central Bank of Kenya) National Payments Strategy 2022/2025,” Airtel statement read in part.
The telco pointed out that other mobile network users should not hesitate to send money to Airtel Money users since seamlessness has been achieved.
Why mobile money interoperability between telcos?
The least amount of money to transact per day is KSh 1 and as high as KSh 250,000.
Ann Kinuthia Otieno, Airtel Money Managing Director, said that having a seamless transaction across different mobile networks is a profound benefit to Kenyans since mobile wallets have been proven by the preference for many.
“Sending Money is the biggest use case in Kenya and having a seamless, wallet-to-wallet transfer of money across networks is a big benefit to Kenyans. This is a sign of customer centricity, growth, and innovation in the industry,” Ann said.
As outlined in the National Payments Strategy by the Central Bank of Kenya, it behests all mobile money providers to guarantee a non-negotiable seamless mobile network for users to enjoy undisputed money transactions whether their mobile network is on or off.
“This is a major benefit for Kenyans as they can now enjoy the convenience of real-time transactions which has cut out limiting user intermediary steps. In addition, the mobile money market will expand by allowing easy movement of money and enhancing financial inclusion,” Ashish Malhotra, Airtel Kenya Managing Director said.
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