The Central Bank of Kenya (CBK) has announced the separation of mobile money business of Airtel Kenya from the telecommunications arm.
In a press release issued on Tuesday, October 11, the financial regulator described the separation as a milestone that will enable customers to access better services.
Airtel Kenya will henceforth conduct its mobile money business under a new entity called Airtel Kenya Money Ltd (AMKL).
“The completion of this restructuring enables AMKL to ring-fence its operations and focus exclusively on its mobile money business,” a CBK statement read
“Significantly, this sets the foundation for AMKL to enhance governance over its mobile money business, strengthen its operations, and offer better customer services,” the statement added.
The CBK licensed AMKL to operate as a payment service provider (PSP).