The Central Bank of Kenya on Tuesday morning announced a successful separation and transfer of the mobile money business of Kenya’s telecoms company Airtel Networks Kenya Limited (ANKL) to a new entity, Airtel Money Kenya Limited (AMKL).
In a statement, the CBK welcomed the process which kicked off in 2019, saying this completion of the transfer enables the new entity (AMKL) to ringfence its operations and focus exclusively on its mobile money business.
”Significantly, this sets the foundation for AMKL to enhance governance over its mobile money business, strengthen its operations, and offer better services to its customers,” the statement reads in part.
The CBK on January 21st of this year licensed AMKL as a Payment service Provider (PSP) in line with the National Payment System Act.
Both AMKL and ANKL are incorporated in Kenya as separate subsidiaries of Airtel Africa PLC, headquartered in Dubai and with operations in 14 African countries.