Airtel Money Kenya is targeting small businesses with a new digital wallet as it seeks to deepen customer engagement after increasing its share of Kenya’s mobile money market to 10.9%, signalling a new phase in its challenge to Safaricom’s M-PESA.
The launch of Bizna Wallet on Monday comes as merchant payments emerge as one of the fastest-growing segments of Kenya’s mobile money market.
Safaricom, which dominates the sector, more than doubled the number of merchants using Pochi la Biashara to 2.1 million in the year ended March, while revenue from the product rose 86% to KES 4 billion ($31 million). The figures suggest merchant services are becoming a meaningful growth engine, creating an opening for rivals that have spent years focused primarily on attracting new users.
Airtel’s customer base has expanded steadily through lower transfer costs, broader agent coverage and partnerships with banks.
Originally published by TechCabal.