The Airtel Money I&M Bank partnership launched today promises to revolutionise everyday banking for millions of Kenyans by allowing seamless paybill payments with a generous 50 per cent guaranteed airtime cashback, making it easier than ever to handle bills while earning rewards on every transaction.
The landmark agreement was inked at a joint press event, where Airtel Money Kenya Managing Director Anne Kinuthia-Otieno, MBS, and I&M Bank Kenya Regional and Interim CEO Kihara Maina shook hands amid applause from industry stakeholders.
Kinuthia-Otieno highlighted the collaboration as a milestone in financial inclusion, noting that Airtel Money’s 18 million active users now have direct access to I&M’s robust banking ecosystem without the usual hassles of queues or hidden fees.
“This is about empowering ordinary Kenyans to manage their money smarter, faster, and with real perks that put cash back in their pockets,” she said, emphasising the cashback incentive designed to reward loyalty in a tough economy.
Under the new setup, Airtel Money customers can instantly pay I&M Bank paybills for loans, school fees, or utility top-ups directly from their wallets, triggering an automatic 50 per cent airtime rebate credited within minutes. For example, a Ksh1,000 loan repayment earns Ksh500 in free talk time, valid for 30 days across Airtel’s network.
This builds on existing features like direct deposits into any I&M account via Paybill 542542, accessible through the intuitive Airtel app or by simply dialling *334# for USSD prompts. No more switching apps or waiting for confirmations—everything happens in real time, secured by multi-layer encryption and biometric verification.
Maina echoed the excitement, pointing to I&M’s commitment to digital transformation since its rebranding from Imperial Bank in 2015. “Linking with Airtel Money allows unbanked hustlers in Kibera or market vendors in Gikomba to seamlessly enter the formal economy,” Maina informed reporters.
The bank, known for its SME-focused products like the I&M FlexiPay, sees this collaboration as a natural extension, especially after similar tie-ups with M-Pesa in 2023 boosted cross-border remittances by 40 percent.
This Airtel Money I&M Bank partnership arrives at a pivotal moment for Kenya’s fintech scene, where mobile money transactions hit Ksh12.5 trillion in the first nine months of 2025, per Central Bank data. Amid rising living costs (fuel at Ksh 195 per litre and unga at Ksh 180), Airtel is betting on incentives to claw market share from rivals like Safaricom’s M-Pesa, which dominates 85 percent of the space. Early adopters at the launch demo raved about the simplicity: a matatu tout from Rongai shared how he settled a Ksh2,500 microloan in seconds and scored Ksh1,250 airtime to call his routes all week.
Experts applaud the move for bridging urban-rural divides. Fintech analyst Judy Kimani of TechCabal Kenya noted that such integrations could lift financial literacy in underserved counties like Turkana and Mandera, where Airtel’s 4G coverage has expanded 25 per cent this year.
“Cashback isn’t just a gimmick – it’s behavioural economics at work, nudging users toward consistent savings and bill discipline,” she explained. I&M, with its 90-branch network, complements Airtel’s agent footprint of over 150,000 outlets, creating a hybrid model that rivals pure digital players like KCB M-Pesa.
For businesses, the perks extend further. SMEs can now bulk-pay supplier invoices via the paybill, earning bulk cashback scaled to transaction volume – up to 100 per cent for qualifying enterprises. This aligns with Airtel Money’s growth trajectory, which saw a 32 percent subscriber surge in 2025, fuelled by zero-rated transfers and diaspora remittances topping Ksh1.2 trillion annually.
As they finalise this agreement, both companies are planning to expand: Airtel intends to update their app to enable voice-guided payments in Sheng and local dialects by Q1 2026, while I&M is preparing to introduce embedded insurance bundles for Airtel users.
In a nation where 78 per cent rely on mobile wallets for daily survival, this Airtel Money I&M Bank partnership isn’t just a tie-up – it’s a lifeline, turning routine payments into pocketed rewards and paving the way for a more inclusive digital economy. With the festive season in full swing, expect matatus, kiosks, and family groups buzzing about that sweet 50 per cent airtime boost.
