NAIROBI, Kenya, Feb 16 – Kenya Bankers Association has unveiled a new inter-bank application that will enable the transfer of funds from one bank account to another in real-time.
Dubbed ‘PesaLink’, the platform is expected to cut the cost of transactions and allow customers make payments between banks without having to go through intermediaries.
Pesalink allows users to transact as low as Sh10 to as much as Sh999,999 across the banking system.
KBA CEO Habil Olaka says the facility will be accessed through various bank channels, mobile banking, internet banking and ATMs.
The phased implementation will begin with banks that have completed the pilot exercise which include Standard Chartered Bank, Co-Operative Bank and Barclays Bank, with 12 banks so far signed up to the platform.
“PesaLink is proof that the banking industry has embraced the technology revolution sweeping across the payments industry,” said Olaka.
The app is designed complement existing bank products, including mobile money transfer and related wallets.
The peer-to-peer product was founded under the Central Bank of Kenya’s National Payments System guidelines, and is offered by Integrated Payment Services Limited (IPSL), a fully-owned subsidiary of KBA formed to implement the platform.