PesaLink, a bank-to-bank money transfer platform run by the Kenya Bankers Association (KBA) through its fully owned financial technologies firm -Integrated Payment Services Limited (IPSL)-has today officially launched after a four-month pilot phase citing over Ksh 2.5 billion transferred over its platform.
To celebrate the launch, IPSL service subscribers’ will enjoy free access and tariff free services on the platform for the next two months to further encourage the product uptake. The platform aims to speed up bank-to-bank money transfer transactions of between Kshs10 and Kshs999,999 across five platforms – mobile (USSD & Apps), internet banking, ATM, branch front office, agency banking and POS branches.
Speaking at the launch event, KBA Chief Executive officer Mr. Habil Olaka, said, in the short period PesaLink has been in operation, the service has enjoyed a steady growth in customer deposits, signed 26 banks onto the platform and has processed more than Kshs2.5 billion worth of transactions.
“Since we set up, IPSL, to address the challenge of integrating retail payments in the country, we have witnessed the need to offer solution-based products to the market,” said Habil Olaka, KBA CEO
“PesaLink, which offers affordable money transfer rates and allows for instant inter-bank transactions, is one of the many breakthroughs the financial sector has offered to the market. We have more to offer as we continue innovating for the future,” he added.
According to KBA and its members, PesaLink was borne out of the need to provide a secure, fast and efficient money transfer system by tapping into the latest technological advances.
“With mobile penetration in Kenya standing at 90% as at December 2016, the prospects of financial penetration are on the rise. Opportunities abound. PesaLink is a step towards the country’s ambition to be a cash lite economy especially with our offering of a real-time interbank transaction framework,” said Jenifer Theuri, IPSL CEO.
The platform has been developed to provide interoperability and related technology solutions for local commercial banks. IPSL 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 platform aims to enable money transfers of multiple currencies. It also aims to venture into online services, offline service through cash to code, and B2P transactions and person to govt agencies payments.
PesaLink has registered 26 banks which include; ABC Bank, Bank of Africa, Barclays Bank, CBA, Consolidated Bank, Cooperative Bank, Credit Bank Ltd, DTB, Equity Bank, Family Bank, First Community Bank, Guardian Bank, Gulf African Bank, I&M, Jamii Bora Bank, KCB Bank, KWFT Bank, Middle East Bank, NIC Bank, Paramount Bank, Prime Bank, SCB KE, Sidian Bank, Spire Bank, Stanbic Bank and Victoria Bank.