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Kenya

Pesalink app signs up 2 million customers in 60 days

IPSL Chief Executive Officer, Jennifer Theuri says they hope to raise the number of banks using Pesalink in the next few weeks

NAIROBI, Kenya, Mar 30 – Pesalink, the newest money transfer service owned and operated by the bankers’ umbrella body, Kenya Bankers Association, has signed nearly two million customers barely two months after it was launched.

So far, 22 commercial banks are part of the network allowing customers to move money across banks through the app.

The banks include; I&M Bank Kenya, CBA, First Community Bank, Paramount Bank, Jamii Bora Bank, ABC Bank, Bank of Africa, Spire Bank and Equity Bank.

Other Banks are; Cooperative Bank, Barclays Bank of Kenya, Credit Bank Ltd, DTB, Guardian Bank, Middle East Bank, NIC Bank, Standard Chartered Bank, Prime Bank, Victoria Bank, Gulf African Bank, Consolidated Bank and Stanbic Bank.

The service affords bank customers registered on the platform to make real-time interbank payments, around the clock, without having to go through any intermediaries on any of the five bank channels including; Mobile devices, Internet, Automated Teller Machines (ATM), Bank Branches or Commercial Bank Agency outlets.

The platform allows the registered users to transact as low as Sh10 to as much as Sh999, 999 across the banking system at a low cost comparatively.

Founded under the Central Bank of Kenya’s National Payments System (NPS) guidelines, the platform has been developed to provide interoperability and related FinTech solutions for banks.

Integrated Payment Service Limited (IPSL) – a subsidiary of KBA – will also inform policy direction and manage the risks associated with payment systems in the market, while providing technical and related guidance to KBA member banks.

“The banks on the platform have also managed to achieve straight through processing of Pesalink transactions. We hope to significantly raise this number in the next few weeks as we continue to on-board more banks,” IPSL Chief Executive Officer, Jennifer Theuri said.

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