Kenya bankers launch a digital payment system that allows for easy transfer of money from one bank to another
Kenya Bankers Association (KBA), an umbrella body for commercial banks in Kenya has launched an online platform that allows individuals to transfer funds from one bank to another or from bank to the mobile phone with ease.
“The system will enable users to transact as low as Sh10 to as much as Sh999, 999 across the banking system. In effect, it will facilitate both large transactions, as well as such micropayments that millions of Kenyan settle in cash every day, including paying for groceries at the market, a haircut or bus fare,” said KBA Vice Chairman John Gachora
PesaLink is a digital payment system that will enable customers to make payments between banks in real-time, around the clock, without having to go through intermediaries. The platform can be accessed through internet banking, mobile phones, ATMs and agency banking.
At least 12 banks of the 44 banks in Kenya will be introducing the digital payment platform to its customers after successful pilot exercises. The first dozen banks include; Standard Chartered Bank, Co-Operative Bank, Barclays Bank, Commercial Bank of Africa (CBA), I & M Bank, Diamond Trust Bank, Gulf African Bank, Guardian Bank, Victoria Commercial Bank, Credit Bank, Prime Bank and Middle East Bank The other banks are still testing the system.
PesaLink development was begun in 2013 as a way of integrating information sharing network among banks.
“PesaLink is proof that the banking industry has embraced the technology revolution sweeping across the payments industry. It is through such innovations that Kenya earns its title as a global leader in fintech innovation,” said KBA Vice Chairman John Gachora
Kenya Bankers Association (KBA) CEO Habil Olaka told a media briefing in Nairobi that the innovative product will place Kenya’s economy squarely in the digital age and quicken the pace of adoption of e-commerce and mobile commerce.
The umbrella body of the banking industry said that the product will incorporate a solid e-government payment engine that will support public sector payments
Natasha & I are hosting a twitter chat between 3.30 & 4.30pm today to answer all your #PesaLink questions! Be there! #PesaLinkwithDTB ^Juma pic.twitter.com/53WpDS5UKY
— Juma and Natasha (@DTBduo) February 16, 2017
#PesaLink will be available on all banks electronic channels 24/7/365. Get ready. pic.twitter.com/J1P0GzIXc5
— Peter TM the PeaceMaker (@petegate) February 16, 2017
Banks under the umbrella of KBA have come together to deliver more cost-efficient money transfer services to their customers. #PesaLink pic.twitter.com/S9nlqzJDyy
— Kenya Bankers Association (KBA) (@KenyaBankers) February 16, 2017
