Kenyan banks Thursday morning launched a mobile money platform that will allow customers to transfer up to about Sh1 million in a single transaction.PesaLink is jointly owned and operated by banks through Integrated Payment Services Limited (IPSL), a subsidiary of the Kenya Bankers’ Association (KBA).
“The system will enable users to transact as low as Sh10 and as much as Sh999,999 across the banking system,” said KBA chief executive Mr Habil Olaka.
So far, the system has only been enabled for person-to-person transfers. Customers will be able to move money between accounts on the PesaLink system in real-time.
This is widely seen as the industry’s answer to M-Pesa’s dominance given that transactions carried out via PesaLink will bypass traditional telecom operators.
In addition to mobile money platforms, PesaLink will also be accessible to customers via ATMs, internet banking platforms as well as bank branches and agencies.
12 banks
Twelve banks are offering the PesaLink service to customers and so far it has been enabled for person-to-person transfers.
The banks offering PesaLink services are Standard Chartered, Co-Operative Bank, Barclays Bank, Guardian Bank, Victoria Commercial Bank, Credit Bank, Prime Bank and Middle East Bank.
IPSL says that it expects 27 more banks to come on board within a month.
Transaction fees will vary depending on the bank that customers use to access the PesaLink service.
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