AIRTEL MONEY KENYA’S  BIZNA WALLET DEEPENS SUPPORT FOR SMALL BUSINESSES

Every economically conscious person in Kenya has an obligation to celebrate and even support micro, small, medium enterprises (MSMEs) in the country, Africa and other parts of the world for very valid reasons. For instance, MSMEs, popular as SMEs contribute to roughly 30 per cent to 40 per cent of Kenya’s GDP) gross domestic product) and forms almost 98 per cent of all business according to the Kenya National Bureau of Statistics (KNBS). Operating in almost all economic sectors including in trade, manufacturing, agriculture, and the digital economy (e-commerce, SMEs contribute to about 80 per cent (about 14.9 million) of jobs.

Nevertheless, the firms face myriad challenges including operation and remaining formal for long periods (about 80 per cent); lacking formal access to credit with almost 70 per cent struggling to formal loans from financial institutions due to lack of collateral and high failure rate with many closing shop  in the first three to five years of operations. And with increasing use of e-commerce and digital payments in the country, many also struggle with digital fraud among other on-line payment challenges.

Given the SMEs market realities, the firms have a reason to smile following August 3rd 202 Airtel Money Kenya’s unveiling of Bizna Wallet. This is a dedicated business wallet designed to help Kenya’s small businesses to better manage their finances through a simple, secure and efficient digital solution.  The solution is opportune given that the SMEs are rapidly embracing digital payments.                                     

Notably, the Mastercard’s SME Confidence Index, has recently indicated that 95 per cent of the firms now accept mobile payments, reflecting growing demand for financial solutions that go beyond simply receiving money. Bizna Wallet responds to this shift by giving entrepreneurs a dedicated business wallet to better manage cash flow while strengthening confidence in digital transactions.

At the solution launch event, Airtel Money Kenya Acting MD Mr Michael Bonke assured that the Airtel Money Bizna Wallet is developed to address the practical financial management needs of Kenya’s growing small business community.

“Small businesses are at the heart of Kenya’s economy, yet many entrepreneurs still rely on personal wallets to manage business finances. Airtel Money Bizna Wallet is designed for kiosk owners, market traders, Boda Boda riders, matatu operators and other micro-businesses to enable them to separate business income from personal finances and also to monitor their daily sales. Through the wallet they will also access mini statements, receive payments across mobile money networks and protect business payments from unauthorized reversals this  giving them greater visibility over their cash flow and more stable business operations. Our goal is to provide solutions that help businesses operate more efficiently while making digital financial services more accessible and rewarding,” Mr Bonke averred.

As part of its commitment to delivering innovative, value-driven financial solutions, Airtel Money has also expanded its Rudishiwa cashback proposition to support Kenya’s business community and individual customers. Airtel Money is now extending the same rewards to all Airtel Money users by offering 50 per cent cashback on eligible transactions, including paybill payments, sending money to other mobile money networks, bank transfers to wallet and transfers of money to bank accounts.

According to Mr Bonke, Kenya’s digital economy is gradually growing in tandem with the growing needs of businesses and consumers. “At Airtel Money, we are continuously investing in technology, expanding our reach and developing innovative solutions that make financial services simpler, more secure and more relevant for our customers. This explains why we have introduced cashback rewards to Airtel Money users. Initially, we had airtime rewards, and now we have introduced real cash rewards that go into your cashback wallet for every eligible transaction. Customers can transfer the cash from the cashback wallet into the main Airtel Money wallet,” added Bonke.

Notably, the cashback program is available to all registered Airtel Money customers in Kenya who complete qualifying transactions of K sh 101 or more, with no opt-in required. Cashback is applied instantly and credited as cash, rather than airtime, into a dedicated Cashback Wallet for both USSD (334#) and My Airtel App users, where customers can conveniently access and use their rewards across a wide range of Airtel Money services.

Remarkably, Airtel Money Kenya is one among the fastest-growing mobile money services providers in Kenya. The company strives to offer Kenyans seamless, convenient, and value-for-money mobile money services. The company is a subsidiary of Airtel Networks Kenya Limited and was separated from its parent company in 2022 to allow it to serve its customers better. Essentially, it offers its customers instant, secure, and borderless transactions, bridging the financial inclusion gap in Kenya.                          Airtel Networks Kenya Limited is a fully owned subsidiary of Airtel Africa PLC, licensed and regulated by the Communications Authority of Kenya and the Central Bank of Kenya as a Payment Service Provider (PSP). www.airtelkenya.com|