KBA chief executive Habil Olaka at a past media briefing in Nairobi. Two
million bank customers have signed up for digital payment PesaLink,
barely two months after the platform was launched. FILE PHOTO | NMG
Summary
- PesaLink enables customers to make payments between banks in real-time without having to go through intermediaries.
- The service is provided by Integrated Payment Services Limited (IPSL) a local financial technology (FinTech) firm wholly owned by KBA.
- The platform is allowing registered users to transact as low as Sh10 to as much as Sh999,999 across the banking system.
Two million customers have signed up for
PesaLink less than two months after the digital bank-to-bank payments
platform was launched by the Kenya Bankers Association (KBA).
Integrated
Payment Services Ltd (IPSL), a local financial technology (FinTech)
firm wholly owned by KBA, yesterday said the 22 banks on the platform
have also managed to consistently record “impressive” average turnaround
rate for the transactions.
22 banks
PesaLink enables customers to make real-time payments between bank accounts without going through intermediaries.
“At
IPS, we are glad to celebrate the one-month brand rollout milestone,
which provides a good test-run ahead of our formal launch in the coming
weeks,” said IPSL chief executive Jennifer Theuri.
“So
far, we have managed to link more than two million bank customers on
PesaLink drawn from 22 member banks and we hope to significantly raise
this number in the next few weeks as we continue to on-board more
banks,” said Ms Theuri.
The platform allows registered users to transact as low as Sh10 up to Sh999,999 across the banking system at a low cost.
Banks on the platform so far include I&M, CBA,
First Community, Paramount, Jamii Bora, ABC Bank, Bank of Africa, Spire
and Equity banks.
Others are Co-op, Barclays, Credit
Bank, DTB, Guardian, Middle East, NIC, StanChart, Prime Bank, Victoria
Bank, Gulf African, Consolidated and Stanbic banks.
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