Airtel Money removes transaction fees on ESCOM tokens

By Duncan Mlanjira

Airtel Malawi has announced the removal of transaction fees for customers purchasing ESCOM tokens through Airtel Money from K200 per transaction to free of charge, effective 3rd September, 2020.

This follows a recent announcement recently made by the mobile digital payments leader that it has reduced cash-out fees and revision of agent commissions for cash-in and cash-out transactions.

A statement released on Wednesday says Airtel Money has also directly linked its platform with ESCOM, whereby previously, the two systems were linked through a third party.

Airtel Money Director, Polycarp

“The direct link between the platforms will ensure a seamless experience for customers with minimal system interruptions,”

“These changes are some of the initiatives implemented as part of our affordability drive for customers,” said Airtel Money Director, Polycarp Ndekana in the statement.

Effective August 28, Airtel Money also slashed cash out (withdrawal) fees from its agents by up to 50% in a bid to make its services more accessible and affordable.

The fees when cashing out at an agent was reduced from the previous range of K20-K12,500 to a a new range of K20-K7,000.

“This will enable Airtel Money customers to transact at a cheaper cost and keep enjoying Airtel Money’s various services.

“Airtel Money remains committed to enabling digital money transfers and payments to further enhance financial inclusion in the country,” Ndekana said last month.

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Established in February 2011, Airtel Money offers the largest mobile commerce service with the widest agent network in the country.

At the end of June 2020, Airtel Money had a customer base of over 1.8 million subscribers; around 27,000 agents; 600 Airtel Money branches, and over 3,500 kiosks, across Malawi in both rural and urban areas.

The subsidiary of Airtel Africa, a leading provider of telecommunications and mobile money services in 14 countries across sub-Saharan Africa, celebrated its 10-year anniversary in June.

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Over the past decade, Airtel Africa has supported social transformation across the continent by enabling millions of people to access data services and be part of the financial system.

Bharti Airtel established its presence in Africa when it acquired Zain Telecom’s Africa operations in June 2010 and the company has achieved significant growth, reaching more than 110 million customers, bridging the digital divide and increasing financial inclusion.

The anniversary follows another recent milestone for Airtel Africa, when the company was listed on the London and Nigerian stock exchanges.

Airtel Malawi listed on the Malawi Stock Exchange in February and on the official listing day its shares had gone up by 44 percent from the K12.69 that was offered through the Initial Public Offer (IPO) to K17.99 per share.

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