Airtel Money will now be operated as a separate entity from Airtel Networks Kenya Limited.
In a statement, the telco stated that Airtel Money Kenya Limited will take over and continue the provision of the money services in collaboration with the licensed telecommunications network of Airtel Networks Kenya Limited.
“The continued use of the Airtel Money Service shall be deemed as proof of the customer’s acceptance of the transfer of their Airtel Money Account and related Customer Data and or sharing of the Customer Data between Airtel Money Kenya Limited and Airtel Networks Kenya Limited, “said the telco in a statement.
The business unit made a profit of KSh79 million in the year ended December 2020, with revenues hitting KSh245 million in the period. It is currently valued at about $2.65 billion.
In June 2022, the telco sold 25.77% of its Airtel Money business in shares to raise more capital for its continued operations.
It raised $ 550 million after the transaction, selling shares to four companies – Rise Fund (investing $ 200 million), Qatar Holding LCC ($ 200 million), Mastercard ($ 100 million) and Chimera Investment LLC ($ 50 million).
Telkom Kenya Creates Digital, Financial Services Subsidiaries
