Banks unveil own mobile money platform allowing transfer of nearly Sh1m

Twelve banks have said they are ready for their customers to sign up on PesaLink, a new mobile banking platform that allows users to transfer nearly Sh1 million in a single transaction.

PesaLink is a brainchild of Kenyan banks through which they hope to grab a bigger chunk of the electronic payments market currently tightly held by the telecoms-operated mobile money platforms.