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Airtel Money, a popular mobile money service in Kenya, has announced a revision of its transaction charges, set to take effect today, October 25, 2023.
The adjustments in transaction costs are designed to cater to various transaction amounts, with a particular focus on higher withdrawals.
“We have reviewed our Airtel Money transaction fees to enable our customers to continue enjoying affordable prices while transacting through their mobile money wallets.” Airtel Money Kenya MD Anne Kinuthia-Otieno said.
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Higher withdrawal charges for larger amounts
The updated fee structure will have an impact on customers who are transacting higher sums of money.
For instance, customers looking to withdraw between Sh50,000 and Sh250,000 will now be subject to a withdrawal charge of Sh300 when utilising Airtel Money agents. This marks a Sh30 increase from the previous withdrawal fee.
Additionally, for customers seeking to transfer amounts of Sh500 and above, the new charges will vary depending on the sum being transferred.
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Transferring Sh7,500, for example, will incur a fee ranging between up to Sh70. For transactions involving Sh25,000 and above, customers will pay a fee of Sh100, and for sums exceeding Sh35,000, a charge of Sh105 will apply.
It's important to note that money transfers from one Airtel Money account to another will remain free of charge.
Airtel Money increases transaction limits
Anne Kinuthia-Otieno, Managing Director of Airtel Money Kenya, expressed that these revisions in transaction fees aim to provide customers with affordable options for conducting their mobile money transactions.
In addition to the changes in transaction fees, Airtel Kenya has also increased its transaction limits.
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The Central Bank of Kenya (CBK) granted approval for Airtel Kenya to raise the per-transaction limit from Sh150,000 to Sh250,000. This increase of Sh100,000 allows customers to conveniently carry out larger transactions.
Furthermore, Airtel Kenya has expanded its daily mobile money transaction limit from Sh300,000 to Sh500,000.