I&M Bank Accounts now linked to Airtel Money
I&M Bank Accounts now linked to Airtel Money
Nairobi, Kenya, October 01 2015… Airtel, a leading telecommunications services provider with operations in Kenya and I&M Bank have formed a partnership to increase access to mobile financial service and financial inclusion. This is in support of the government’s efforts to deepen financial inclusion in the country and promote a cashless economy.
The initiative will link Airtel Money users who are also I&M Bank account holders’ mobile money wallets to their bank accounts. This means that they can “pull” money from their bank accounts into their Airtel Money wallets or “push” money from their Airtel Money wallets to their I&M Bank accounts automatically.
“With a dynamic industry and stiff competitive environment, the customer is seeking more choice in mobile banking. At I&M Bank we take pride in continually innovating banking solutions for our customers because innovation is one of our key pillars for business,” noted Arun Mathur, I&M Bank CEO.
“The Bank has continued to reap benefits from the industry trend on technology convergence between the banking sector and the telco industry. We are therefore proud to partner with Airtel Kenya to offer Airtel Money services on I&Mobile, our mobile banking platform,” he concluded.
“Airtel Money continues to play a vital role in changing the way customers access financial services with convenience and at affordable rates. The partnership with I&M Bank will strengthen our ongoing efforts to improve access to financial services for our customers. Our aim is to deliver simple and innovative solutions that make it easy for our customers to bank, send and receive money in a secure, fast and convenient way at lower rates that also saves them money in comparison to other available alternatives,” said Airtel Kenya CEO Adil El Youssefi.
The new Airtel Money service will offer 2 types of real-time funds transfers as described below; transfer of money from I&M Bank Account to Airtel Money (B2C) and transfer funds from Airtel Money to I&M Bank account (C2B).
To enjoy the B2C service, an I&M account holder will be required to dial *458# from their Airtel Money registered number, enter their Login PIN, reply with option number four (Mobile Money), select Airtel Money, enter recipient’s mobile number (registered on Airtel money) , enter amount to send, select the transacting Bank account, confirm the transaction and submit. The beneficiary will receive Airtel Money credit alert. Your will also receive transaction alert from I&M Bank. This service can also be enjoyed from the I&M mobile banking app, to access I&M Mobile App, download I&M App ( for Android and windows) from your App store. For Apple (iOS) and Blackberry download I&M Mobile from your respective App Store.
To enjoy C2B services, the customer will go to the Airtel money option, select make payments, pay bill, other, they will then input the I&M Bank pay bill number 542542, enter amount to transfer, their pin then on reference they will enter their 14 digits I&M account number and submit, the customer will then receive a confirmation message from Airtel money confirming the successful transaction.
The minimum transaction amount is Ksh. 100 while the maximum amount per single transaction is Ksh. 70,000. Cumulative limit for daily transactions is Ksh. 140,000. To push money to their I&M account from Airtel Money wallet, a customer will be charged a flat fee of Ksh.30 per transaction while pull money from an I&M Bank account to their Airtel Money wallet they will be charged a flat rate of Ksh.35. To sign up for Bank to Airtel Money, Kindly visit any of the I&M Bank Branches.
Airtel Money continues to allow customers to conveniently pay for their utility bills as well as transfer money FREE of charge between one mobile phone to the other across all networks. Airtel Kenya subscribers who purchase airtime worth Sh. 50 and above using Airtel Money automatically get 25% bonus airtime which can be used for calls, SMS and Data across the networks for the 30 days in which the airtime is valid.
Airtel Money is available to all Airtel customers, both Prepaid and Postpaid and registration is free at all Airtel Centers and Airtel outlets countrywide.
With the Airtel Money Pesa Card, Airtel money subscribers are also able to withdraw money from their Airtel Money accounts from over 1.8 million VISA ATM’s worldwide and shop and pay for goods and services using Airtel Money at over 30 million visa accepted merchant stores worldwide.
Airtel Kenya offers Airtel money services to individuals and corporate entities as an alternative payment channel and is increasing being used by individuals across all industries.
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About Bharti Airtel
Bharti Airtel Limited is a leading global telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 3 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G and 4G wireless services and mobile commerce. Bharti Airtel had over 335 million customers across its operations at the end of August 2015. To know more please visit, www.airtel.com
For more information, contact Dick Omondi on email [email protected]; phone +254737048009
About I&M Bank Ltd
I&M Bank is a fully fledged commercial bank in Kenya duly licensed by the Central Bank of Kenya, offering a full range of corporate and retail banking services. It is a wholly owned subsidiary and the flagship entity of I&M Holding Limited which is listed on the Nairobi Securities Exchange. The group has a regional presence in Mauritius, Tanzania and Rwanda. Two leading European Development Financial Institutions - Proparco (French) and DEG (German) hold approximately 10.68% of the shareholding of I&M Holdings Limited.
I&M Bank, was established in 1974 as a financial institution, and has grown to become a dominant player in the Kenyan banking industry, known for its innovative range of products and services. I&M Bank deals with top international banks as correspondents such as Citibank, , Standard Chartered Bank, ICICI Bank, Standard Bank of South Africa, ABSA Bank, Barclays Bank, Commerzbank, Natixis Bank, UBS, BHF Bank etc to name a few.
