Kenya’s CfC Stanbic Bank has launched a service dubbed Till2Bank to allow Business Banking and SME clients to accept M-PESA payments. The bank said the service will allow the merchants to settle the payments into their bank accounts immediately or on demand without the need to physically go into a branch to deposit cash or fill any forms.
Launched today in conjunction with Safaricom ’s M-PESA (LIPA NA MPESA) & KOPO KOPO, the service allows merchants, shops, supermarkets and SMEs to accept payments on M-PESA but also extend banking services and products to the acquired businesses.
Head of Personal and Business Banking at CfC Stanbic Bank Adam Jones said,”“We are delighted to be the first bank to sign on to M-PESA’s acquiring model and roll out such capability (on mobile money) that will ease the burden of periodic banking of cash by the business banking clients while minimising the risks involved in handling and transferring cash from their businesses to the bank.”
‘Till2Bank’ will see Safaricom’s ‘Lipa na M-PESA’ platform take the role of retail payments in the first Acquiring Model for Merchant & SME Payments on M-PESA. All payments made via Lipa na M-PESA will be credited into their CfC Stanbic Bank account on demand as opposed to the current to 24 – 48hrs settlement cycles on card.
To acquire a Lipa na M-PESA till number, CfC Stanbic Bank customers will be required to register with the bank by calling 0711 068 888 or SMS the word ‘LIPA’ to 22208.