PesaLink has already been signed up by more than 3.5 million bank customers in a span of three months since it started operations.
According to the Kenya Bankers Association (KBA), the platform is literary enabling them to write the playbook that will define the shift of payment ecosystem in Kenya and in the region,
KBA chief executive Habil Olaka noted that the platform was launched to work as a complementary tool as far as the convenience in the banking sector is concerned and not to compete with any other mobile money wallet or transfer products that were already existing in the market.
“In order to survive turbulent times, it was important for banks to embrace innovative banking models such as agency, mobile and Internet banking delivery channels,” added Mr. Olaka.
Pesalink, a digital payment platform was launched the bankers’ lobby in February, through its financial technology (FinTech) firm called Integrated Payment Services Limited (IPSL). A total of 25 banks have already embraced the platform.
PesaLink allows customers to send money from one bank account to another in a different bank real-time, on bank retail payment channels including the mobile, ATM, Internet banking, agency network, bank branches and soon at point-of-sale (PoS).
With PesaLink, one is able to transfer as little as 10 shillings up to 999,999 shillings at an extremely low cost of 0 to 152 shillings, depending on the amount being transferred. It is a digital payments platform that was meant to cut the cost of transactions and transform the way consumers interact with their banks.
Through KBA, banks invested in developing PesaLink, which signaled the banks’ view of the role played by digital and mobile technology in the national payment system. The product had been in the making since 2013 when KBA member banks decided to invest in an industrywide switch, which is an integrated information sharing network.