The PesaLink Magic: How Does It Work?

Interbank transfers until recently used to take up to seven days to reach maturity. However, that is no longer the case, all thanks to innovations in finance technology (fintech). One notable innovation that has made life even easier for many is PesaLink.

PesaLink is a real-time interbank transfer platform preferred for its affordability, convenience, and security in terms of easing money transactions. It was introduced in 2017 by the Kenya Bankers Association through the Integrated Payment Services Ltd (IPSL).

Apart from allowing one to make real-time interbank transfers, PesaLink also enables users to transfer foreign currencies and pay for goods and services. The platform is seamless, quick and needs no mediators. Customers can receive or transfer cash round the clock without visiting a bank.

PesaLink is the ultimate solution to problems with linking retail payments in Kenya. It puts the customer needs first by providing solution-based products tailored to their preferences, but how does it work?

Using PesaLink is no rocket science. First, you must be registered for mobile banking to get started.

How to Get Linked

You can access Pesalink right from your bank app using your preferred channel or device. Here is how to get linked:

• Select the PesaLink option on your bank’s menu
• View the PesaLink menu
• Select “Link Your Phone”
• Select the Account Number you want to link
• Select YES/NO to make it your primary account.
• Confirm the account and mobile number details
• After pressing Confirm, you will receive a confirmation notification

From the PesaLink menu, you can send money to any of the channels or devices including your phone, bank account, or card. You can access your bank’s primary account using your phone, an ATM machine, branch front office, agency banking, POS, and your laptop through online internet banking.

To send money, select PesaLink from your bank’s channel or device menu and choose any of the options provided.

The beauty of PesaLink is that you can transfer or receive cash from as low as 10 shillings to 999,999 shillings from your primary account to another or to a different person at a different bank. The service is always available, day or night, holiday or weekday. It is secure, fast and saves you on transfer costs. If you haven’t registered for PesaLink yet, now is the time to get linked.